When grinding this remarkable hardsurfacing alloy, do not use a bench grinder, unless you have an abundance of time and grinding stones.  Remember, this stuff was intended to be abrasion resistant and it is.  An angle grinder will be much quicker, will create less heat in the tool and will leave a plenty fine surface polish for all but the most anal-retentive smith.  You don't have to be nearly as careful with the fine edge while grinding this stuff since it is so resistant to oxidization.  Even if you do fall asleep and warm it up to a bright yellow--no  harm done.  Similarly, it's not necessary to sweat the heat treating either, as a 56-60 RC hardness applied as is really should suffice quite nicely.

            I'm sure that there must be a better, higher tech, more correct way to make hot cutting/punching tools, but to be honest I would  have difficulty figuring how to improve on these tools which are:  1. moderate in weight, 2. high in rigidity, 3. water quenchable,  4. repairable, 5. easily made from scrap steels and readily available electrodes.  But then again, I suppose it would be better if you didn't actually need an arc welder... well, I'll get back to you on that...