You can make coupons of different thicknesses and different steels, say from 1/16 of an inch through 3/8, quench and test them for hardness. Keep in mind though that speed is just part of the equation. Ideally, the least amount of stress to achieve full hardness is best. In other words, use the slowest least stressful possible medium to achieve full hardness. This is especially true with knife blades, because they are prone to warping and cracking. Also, just because there aren't any cracks visible to the naked eye, doesn't mean the steel hasn't been damaged on a microscopic level.
Since knife blades present certain geometric problems, thermal gradients, long and thin etc, and they are generally high carbon/alloy steels, it makes good sense to test on similar geometry, long and thin, wedged or diamond shaped... or better yet, knife blades and years of field testing.
Aside from that, speed wise I'd put canola somewhere between Parks#50 and AAA. If you want a fully hardened blade out of something like 1095, it's probably best not to go over about 1/8 inch thick at the thickest point, with canola. Differentially hardened blades are another story.
To put it bluntly, there just aren't any "ideal" quenching mediums for knife blades. An "ideal medium" would have to be able to cool the thin parts and the thick parts, the whole macrostructure, at the exact same given speed.... a "smart medium".
Canola oil will work well on a very wide range of steels because there are fundamental metallurgical differences between it and the engineered petroleum based fluids, due to different cooling mechanisms/mechanism. There is no "one size fits all", but canola probably comes the closest. I look at this as a *plus* for canola, but I'm sure others will hate it for that.
