Don't know ATS-34. I believe it's an air hardening steel. Does texas knifemaker's supply harden that stuff?
As far as O-1, yeah you probably couldn't ask for a more user-friendly steel. All you do is heat it up till when you put a magnet up to it, it will no longer attract the magnet, then dunk it point first into a container of oil. After that you check it with a file to make sure it's hardened (run a file across the edge, if it skates across but doesn't bite - you're good). Next you "draw" the temper out which basically means that you heat the tang and back of the knife until you get the soft back, hard edge you want. Sand the blade so it's nice and shiny so that you can watch the pretty colors. I like to first heat the blade so that a dark straw color runs through the whole blade - getting darker to a blue at the spine and blue at the tang. I also believe in a dark straw to almost light violet at the tip - you never know what yahoo is gonna think you've made a throwing knife and throw it at a nail embedded tree. A darker (thus slightly softer) tip helps resist chipping. This is one heat to heat treat 0-1.
The other way is to heat your blade up to non-magnetic, get a trough of oil (here's where the lady of the house's baking pans can come in handy :wink: ) and point one end north - check w/ compass. Now dip only the edge of the blade into the oil for a little bit. After a little bit, move the rest of the blade under the oil and keep it there. DO NOT swish side to side - it can warp your blade. If you have to move the blade, move it backwards and forwards. After this, check your edge to make sure it hardened, sand and then heat the whole thing until it gets a dark straw throughout. The spine of your blade should not have hardened the way your edge did so this is one way to get the soft spine - hard edge.
Beyond these 2 basic processes, it's all a matter of preference. Some like a color just approaching violet for larger, chopping knives.... Some like to use some oils for quenching (the most pleasant smelling is corn oil - smells like popcorn) - while some prefer to use automatic transmission fluid. I have used the automatic transmission fluid before and it's nice because if you get the blade to nonmagnetic, get alot of smoke, but no fire and the file skates - you know for sure you did your heat treat perfectly. If, however, you get a fire when you dunk your blade in the atf fluid, you know that it was too hot right before the quench and you can start over without going too far. Also, I am approaching this assuming you're going to do your first knife by grinding/filing. If you're going to forge the knife, shoot me a pm. There's one more step you should do.
Tim