I don't want to offer you any discouragement, but you said something that is VERY accurate "My guess is it should make good blades."
The key word being "guess".
Here's my guess - that steel is D2.
Historically, many planer blades have been made of D2.
D2 is what can almost be considered stainless steel, as it has an enormously high chromium content.
Or maybe even A2. Which is not all that traditional of a forging steel.
It's also not advisable to slow cool any steel above 0.84% carbon AFTER you have taken it above 1415 - non-magnetic.
If you can control your heat somewhat and just bring it up to dull red without going non-magnetic and THEN slow cool, you would be better off.
Now, so much for the technical stuff - have fun.
If they're free, you have absolutely nothing to loose.
But, if you're thinking about spending money, just go ahead and by some forging steel.
Most proper quench oils are primarily mineral oil with the addition of proprietary additives to inhibit vapor barriers and transition phases, etc., so short of getting 'real' oil, try your luck at pure vet grade mineral oil which you can find at most any farm-type store.
You'll still probably have more fun and end up with a cool knife than you could buy.