Chad,
From what I have read, these bolts are made from a medium carbon steel. Yes, they will harden some and for their application are drawn back slightly softer to add toughness. However, I would guess that they are marginal for a edge holding blade. If you still want to try this, I would forge the blade and harden it in oil first. If it wont harden, try water. Be prepared to make more than one, because water will crack a large percentage of blades. But this steel might be ok, never tried it.
Test to see if it hardened. If so, now the question is How much do you need to draw it? It could be that this steel will need to be at maximum hardness to be at a decent Rockwell hardness for a knife blade. Thus you might not have to draw it at all. You should be able to tell when you test it with a file.
You're trying to use a steel with which you are not familiar, and I would recommend another steel, but it probably can be done to some success. Lin