^^^ that is the key, there. How do you plan to use the knife? A knife with a 3-1/2 inch edge is not a camp chopper. The height of the blade matters, too. 1/8 or 5/32 at the spine doesn't give the whole picture. Is the blade 1 inch or 1-1/2 inches tall? Geometry is everything. I err on the side of cutting ability. I make it perfectly clear that my knives are slicers.
A knife that is 1/8 at the spine, but with a bevel that only comes halfway up the blade is going to have a less acute angle than a thicker blade with a full height flat grind. So, using the same steel thickness, you can make a knife that is a fantastic slicer (and a bit more delicate) or you can make a knife that cuts well enough, but is a bit stronger if you plan to pry with it. Or you can go the survival / bushcraft route and grind the edge 3/8 inch up the blade and make a sharpened pry bar.
Geometry is everything. Design a tool with a task in mind. A tool that is good at a lot of things is usually not great at any one thing. But that's the great thing about making your own- you get to decide what it is you want as an end result.