[TheForge] Question about the steel and treatment needed for small punches and dies

[Bruce .]

I have a few hand-lever Whitney and Roper Whitney punches, but lack a
complete set of dies.  However, I do have a lathe, and I was wondering
about making these parts myself.

Dies:
What I was thinking was to anneal some grade-8 threaded rod, then drill it
to size for the die, harden and temper it.  (The tight specs possible with
boring not really needed here, as I'm only proposing to punch sheet metal
with the resulting punch & die pairs.)

My choice of this material is due to its availability threaded.  In
principal I could thread a rod myself, but I have little experience doing
so and would hate to take the time and effort.  I reckon that there's
enough mass in the die that the exact alloy I use might not matter much.

Grade 8 bolts & all-thread are apparently to ASTM B7 spec, which, I read,
is something like 4140.  So, my question is how to anneal and how to harden
& temper.  I do have a small electric furnace and an appropriate pyrometer
if exacting conditions are needed, but I wouldn't count on being able to
hold TOO exact.  (I'm over my head here, but do have a Metals Handbook if
it comes to that.  It's a lot easier to ask here first.)

Punches:
Similarly, I would take some appropriate steel rod (see
https://www.mcmaster.com/#standard-steel-rods/=15aac3v )
and machine it to a compatable size for the die I make.  The question here
is WHICH alloy would be most suitable?  And how to anneal (if necessary),
harden and temper it.  (Again, exact diameters of the resulting holes are
not critical, but the clearance between punch and die is.  I'd use my
Machinery's Handbook for reference.)

Any pointers would be welcome.  I don't see myself starting this very soon,
but it might be a nice over-the-winter project.

Bruce
NJ