I'm sure you don't have the equipment, but I thought you would like a little more information on heat treating ball bearing steels like M50 for Jet engine use:
The process envolves several stages (if your making ball bearings).
Hardening
1. in a vacuum or inert gas furnace heat the material to 1450 F (cherry red) for 1/2 hour minimum.
2. Raise the temperature to 2025 F (bright lemon yellow) and hold at this temperature for 5 minutes.
3. Quench in 250 F oil to 400 F.
4. Air cool to room temperature.
Tempering
1. Heat to 1012 F and hold at that temperature for 2 hours min.
2. Freeze to -100 F.
3 Reheat to 1012 F and hold for 2 hours.
4. Refreeze to -100 F.
5. Reheat to 1012 F and hold for 2 hours.
6. Air cool to room temperature.
This will produce a hardness of Rockwell 62-64.
Of course I don't expect you to do all of this, but it does give a feel for the complex steps it takes to produce aircraft quality ball bearings.
The vacuum furnace or inert gas furnace is primarly to prevent scale. It doesn't add anything for what your doing although if you have access to an inert gas furnace it will keep the sharp edges from scaleing up.
IMO the main thing for you to note is you should probably preheat to the cherry red temperature for a little while and then heat it up to the bright lemon yellow temperature for a few minutes. Then quench it.
You can skip the freeze and reheat tempering cycles as these are more for assuring dimensional stability than for giving the steel a special quality.
You should probably temper your cutter up in the dull dark red (975 F)or hotter range as this will not hurt the hardness a bit.
Have Fun!