Don't get me wrong, plain tool-steel knives can be forged beautifully, will do fine with a differential heat treat, and they both take and hold an edge like nobody's business.
I have several from the days I apprenticed under a crusty old knifesmith in California.
His solution for his O-1 working knives was to bead-blast, then dunk them in the parkerizing tank.
After that, the only unprotected surface was just the edge, which is the part of a knife seeing the most maintenance over its lifetime anyway.
I have one O-1 knife that I color case-hardened to provide a vintage looking layer of protection.
Depending on the humidity of the environment and what the contents you slice through contain, you could have a pristine chunk of metal or a pitted relic of what used to be a knife.
In the salt spray of beachside Florida, you could watch naked tool steel blades corrode in front of your eyes, and that was inside my house. (You should see what it did to my Harley!)
Cut up a few deer during hunting season, then forget to thoroughly clean and oil the blades, and bingo!
I love my O-1, but it's protected. Otherwise, throw a few chromium atoms into the alloy, please. ATS-34, 154CM, A2, D2, Sandvik 14C28N, and I can even stomach 440C on occasion. 440A and 440B don't get a second look, however.