I would just use what you have on hand. The high alloy stuff is nice, but not necessary and I would save it for that tool that gets used all the time. It is possible to make tools from mild steel and they will work, once or twice. If you only need the tool that once than you are set. Tools that will see a bit more use, (abuse,) deserve to be made from that old coil spring you found or whatever is high enough in carbon. A few years from now you will know which tools would be nice to have in an air hardening or red hard steel.
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