yes thats what it will be......as I said before they like something they can shape whilst its soft and then harden it and finish sharpening it.....you cant do that with hardox.......must admit Im assuming its cutting thin sheet....not a paper guillotine is it
If it is tool steel theres no point in using 312 on a small chip. 312 is strong but its fairly soft unless its work hardened....use mild steel and you will be soft enough to give and it might take a bit of the hardness but it will be a soft spot.........alternatively like you said use a hardfacing and hope it doesnt crack and keep falling out...........