Also here is a color chart for steelI've made lathe form tools from O-1 drill rod. As well shafts for needle bearings to run on, and sand blast nozzles (which I don't temper). I did have one mishap, I made a replacement bandsaw blade tension bolt for my 4x6 import saw. The original bolt stripped out. I thought, "I don't need to temper this", well it didn't take to long for the shaft just above the threads to fail. Snapped right off. It did teach me that tempering was a required process if you don't want it to shatter like glass.
So what is your method of cleaning up the burnt oil residue? I've found removal to be a PITA to get a clean surface.
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