Reddogge, I completely agree, and I'm making an insert right now to try and make the thing safer.
On the subject of soft steels. I don't have definitive answers, just some things I prefer. So here's my $.02.
Broadheads were made relatively soft back in the day, because they didn't have access to our modern steels. And steel they did have was more expensive. They came up with a broadhead that was affordable, and that wouldn't shatter on a hard impact. A byproduct of lower hardness is that a file will still cut them. Somewhere along the line, sharpening with a file became a feature of the those heads instead of something that was coincidental.
With softer steels, you need more metal right at the cutting edge to support it, otherwise it'll just fold over. Therefore you need a thicker edge and it will never be as fine. Even if you put a high polish on it(and you can), the cutting edge is very delicate, and it won't last long (which is to say it dulls very quickly). With a file formed and stropped edge you get an almost serrated cutting surface. It's grabby, and as it deforms and breaks down it remains somewhat sharp.
For a softer steel, yes I think Fred Bear's method is the appropriate one.
I think a harder steel and a finely honed edge is a superior cutting tool but that being said, many many critters were killed with bone stock Zwickeys, Razorheads, ace's etc. Etc.
I dont think they are bad, I just think they can be improved.
I hope im not rambling to much, and am making sense guys.