I wrote a few articles on heat treating, rather than make wild guesses, I suggest you read some, they are pinned to stay at the top of the page. One can not harden steel if it does not have enough carbon, because the act of hardening is trapping carbon in the iron matrix. which as I said many times can not happen if the carbon isnt there, and oil does NOT add any carbon, another myth, but case hardening does add carbon
46 points of carbon is very hardenable, its called medium carbon steel; which is no where near 1020.
Mild does not function the same as tool steel, more myths, and from a cost perspective: tool steels would not be made if the mild would perform the same way, the additions of tool steels help in reducing grain growth, defining the grain boundaries, hardenability which is not the same as hardening and carbide formation