Metal Issues

[Alkaios]

I recently bought some metal for a knife from a local orchard supply hardware ,assuming, at the time, that 01 tool steel was carried everywhere and that it was the standard type of steel. There was only one type of steel they had in stock, labeled "weldable steel" with no more information except the varying sizes of the stock. I bought a bar for my knives(1/8*1-1/2*36) for about 10-12 bucks and sawed/filed out the blank for my first knife (a simple, strait edged seax design)
Now, over the last few weeks as I waited for a belt to fit my sander to arrive, I began to have doubts on whether the steel I bought was 01 tool steel, or even fit for knifemaking.

So, what I ask you, should I continue with the knife? are there any ways to test whether it is suitable steel?
Also, I have decided to switch to 440c stainless for my next batch of knives seeing as how the coastal climate has rendered the bar stock that i bought 50% surface-rusted in two weeks. Are there any places that have better prices than admiral steel? It looks well within my reach, but I'm not planning on making several hundred-dollar knives any time soon, so someplace with a good compromise between quality and price would be good.(I get the impression that admiral steel is pretty high end, correct me if mistaken.)

Thank you for any advice, this looks like a fantastic source for knifemakers and I've seen some stunning work in my short time on here.