Well to start, 01 is not a simple steel. 5160 is barely a simple steel considering the chrome content. You need better equiptment to get the full potential of either.. Oven, salts, or some method of accurately controlled heat. Non-magnetic is not a good quench heat for any knife steel. It is really phase two of three heat ranges. Quench heat varies with different knife steels, with much depending on carbon content, but none in the just non-magnetic range. 01, for the hardening process, should not exceed 1475°, nor be below 1450°, in order to preserve the carbide formations and get the carbon into a full solution. This also requires a soak of 15 to 20 minutes at that temp. Give a little or take. Then quench in an appropriate oil. 5160 needs a quench heat of around 1525°, and does better with a soak at temp of around 10 minutes, give or take. For comparison, non-magnetic is 1414°. As far as cutting steel rod, that has more to do with the geometry of the edge, and is better left to cold chisels. I have never been terribly impressed with bent blades, but more with strength, and edge retention. Those who lack the equipment for HTing the higher alloyed steels need not waste their money on them, when properly HTed 1080/84, can be more impressive than poorly HTed high alloy types. One can make usable blades from 01, or 5160, with a simple HT, but neither will be at best without a good HT with controlled heat. One more thing with these two steels, especially 01, it is kinda rocket science. Whoever told you otherwise is sadly mistaken, and needs to do a little homework before giving advise.