Clint,
Welcome. There are no stupid questions, Just the answers! You need a Bi-metal cutting bandsaw to cut the ferrous metals we use for knife making.
A scroll saw just won't do the trick. You want something like this with a domestically made Bi-metal blade, from Lennox or Norse. http://www.harborfreight.com/portable-variable-speed-bandsaw-47840.html
Thanks Laurence, I was expecting that answer about a scroll saw. I had read somewhere about a fella cutting knife blanks with a jeweler's saw, so I thought, Hey my scroll saw might get the job done.
I've drilled around the profile with a drill press and then connected the holes with a jewelers saw, and a can of elbow grease! LOL A Hack saw with metal cutting blades will work with that can of elbow.
The scroll saw will come in handle with cutting wood scales if they aren't too thick.
with practice, you can cut a profile with a right angle grinder and a good cutting disc. IMHO, for the first few blades keep blade shape as simple as you can, maybe something like this http://www.japanwoodworker.com/product/156520/312-Herb--Garlic-Knife--Tosagata.aspx. you can find 4x36 belt sander for less than $150, a good starter grinder. good luck
I cut out my first couple of blanks with a jewelers saw. They were small knives and I went through about 30 blades per knife. Just this weekend I went to Harbor Freight and bought the saw Laurence recommended above. I use a 1 x 30 grinder and I think the band saw is more important that the grinder at this point (I just finished my first knife). By the way, the saw lists for $350 but is on sale now for $270. It cost $300 with sales tax.
If you drill your holes close enough together you can cut through the rest with a cold chisel and then file the excess to shape. A little faster than a hacksaw.
I started out with an angle grinder because I already had several from being a granite installer. You have to be careful using any tool but with these extra care should be taken to protect your face. IE full face shield. The blades can and will blow up on you occasionally. For cutting inside radii you just make a series of plunge cuts perpendicular to your line and then cut across those lines diagonally to start removing the tabs. Then you can switch to a grinding blade and smooth out your profile. It doesn't take very long to be able to profile a blade fairly quickly using this method and the outlay of cash is not very big. I do recommend buying good quality blades for cutting and grinding. You can use a cheap HF grinder but if you use their abrasives the process will take longer and you will need to buy more of them to finish one blade. I am forging most of my blades now but do still occasionally do a stock removal blade. I am using the HF portable band saw Laurence linked to with a piece of angle iron bolted under the handle so I can clamp it in my vise when I need it but am still able to use it as a portable. Inexpensive way to have a metal cutting band saw. They are loud little buggers though. I use ear muffs when using it.
I use the exact one that Laurence linked. I waited till it was on sale, then used one of their 20% off coupons. IIRC, I got it for under $65. I took a 2"x6" piece of mild steel, drilled holes to match the screw holes in the smaller handle and attached it with the existing screws, the handle still fit on top too. Then, I took a square piece of 2"x10", drilled some holes through it and into the end of a piece of 4"x4"x~2' and connected the two with heavy, heavy bolts. Finally, I attached the mild steel arm towards the top of the 4"X4" with some more heavy bolts. I also threw on a small table using the existing stop thingy.