Of all the knives I've made (okay, a whopping 6), only one was from a truly known grade steel. I've made knives from files (2), RR spikes (2) horseshoes (1), and 5061 (1 in progress). The first knife was made to utilize the rack from the first deer my oldest son ever shot, the first year we hunted. I kept the sorry looking rack and tag for 16 years before I made that first knife. The next knife was made for my second son who got a job with Burlington Northern. A railroad spike knife seemed a good fit. Then, for my son-in-law, I welded two horseshoes back to back and forged and finished a knife he was very pleased with. He, like his grandpa is 'big into horses" (and mules). I mig welded the handle area and forge welded the blade area. I had never seen one like that, but didn't like the look of the backside of the horseshoe knives I'd seen, not to mention the feel of the grip. Now, I'm still working on an american Tanto for my youngest son. With that one I got my first piece of 'store bought' steel. I used 1/4 x 2" 5061. I kind of like forging- up to a point. But, with the type of grind lines I saw coming with that knife, and knowing he may put it through the paces, I wanted the best grade steel that I am skilled enough to heat-treat effectively.
I guess I'm not a purist- if I can cut a piece of steel in 20 seconds with the chop saw, I probably won't be heating it and cutting it on a chisel hardy tool. And, what some of you guys have stated makes sense to me too- why spend time forging out a flat bar, when you can buy one at a pretty reasonable price- and know what you've got? But in some cases, the character or sentiment connected to a spike, file, rasp, etc, may be more important than getting an exact Rockwell rating, huh? Biggest thing- enjoy what you put yours hands to. BTW Thanks to all of you who share your experience and wisdom here!