FYI, if you are going to send it out, or if you have a reasonable means of evenly heating the blade for hardening, I would go ahead and thin that edge. I take most all of my knives to .03" prior to heat treating. If your grinding is fairly even, you will be fine. If you're worried, leave it a bit thicker (.04" as suggested). However, you'll need to thin it down after heat treatment.
And definitely drill any extra holes prior to heat treating. Guessing, I'd say it could use a little balancing by lightening up the handle. Drill some holes in an even pattern and ream the edges.
There are some people who commercially heat treat oil hardening steels...I see if I can remember the names.
--nathan
--nathan