It depends on WHAT steel Kevin.
Not O1.
Read above - you don't want to slow cool a deep hardening steel like O1 AFTER you have taken it ABOVE non-magnetic, which is exactly what you are doing when you do your thermal cycling and normalizing!
I'll bet I have seen 200 posts on various forums about guys wanting to know "What kind of drill bit do I need to drill O1?"
You can drill O1 with cheap "Bargain bin" drill bits if you simply spherodize the steel.
Doing those post-forging thermal cycles does a lot toward stress relief and grain size reduction, but plays heck with hardness on deep hardening steels.
When you do those same cycles with shallow hardening steels, they have so few alloys that they revert to pearlite in just a second or two and don't make martensite, so feel free to take your W1/2, 1084 and 1095 and heat them up and bury them in whatever.
(Actually, lime is a much better insulator than vermiculite, and you probably buy them both in the same store!)
But when you slow cool 5160 and O1 from ABOVE the austenitic temp, which you will be doing when you thermal cycle, then you are going to get some martensite and drive yourself crazy trying to drill holes.
If all I had was a forge as a heat source for forging and thermal cycling, I would stick with 1080/1084, maybe 1095.
Once again, I stress that point about all kinds of guys saying "Ol' Karl's nuts. I've been using O1 for years and it works just fine with my simple 1 brick forge."
Truth is, the reason they've been using it is that it's so easy to find.
It gets a LITTLE hard just by looking at it and they think they've made some kind of cool knife, when in actual fact, they've only had partial success and even with only that success, it works better than any knife they've ever owned.
Want to know how hard O1 gets? It's one of the most used steels to make drill bits!!! End mills!
And all they did was follow the methods I've described above.
Can you say your blades made of O1 get as hard as drill bits??
O1 is O1.
If you get full martensite transformation by following the proper sequences, your blades will be as hard as DRILL BITS on the edge when you quench them at the right temps in the correct oil.
Then, you manipulate the RC hardness with your tempering temps.
That's what tempering is for.
Now, if you are really good, and have THE FORCE on your side, you can take your deep hardening steels and by using your forge, just baaaaaaaarely get the steel to the point of a little redness and let cool slowly.
But make sure you do NOT get over 1414, which is the currie point for iron. This should allow for some softening of the steel, which is the result of the carbon pooling up in little clumps - or "spheres" - hence the term "spherodizing anneal" which is NOT to be confused with a FULL ANNEAL.
The anneal I am referring to is an annealing cycle which is the result of SUB-CRITICAL cooling.
To accomplish this correctly, one would need to have controlled cooling which is best accomplished in a digital oven.
Doing otherwise is a little bit of guess work.
Work with steels that match your tooling and ability to control the outcome.