I used to have the use of a friend's grandfather's handmade draw knife. It was fairly roughly made and showed hammer marks on a few places, but it was good steel and held an edge thru the worst osage you could throw at it. I finally had to return it against my will.
So I went and paid $12 at Menards for what turned out to be the worst tool I ever owned. The steel was so soft it would roll the cutting edge by drawing it thru cottonwood bark! I finally had all I could stand from this piece of crap and threw it in the bushes up on the hill behind the house. Later that night I went out and found it and threw it deeper into the woods, I was still seriously peeved at it.
I went to Lee Valley Tools online that night and bought an Austrian Drawknife. There is a bit of a radius to the cutting edge and it comes in at a Rockwell hardness of 58-60. It's not as heavy as I would prefer and I dislike the drop angle of the handles. One of these days I will have to heat the bends in the handles and change that, but for now it works pretty good. With a little work with a stone I had the edge sharp enough to slice cigarette rolling papers!
