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Indeed a fine method for someone who has a grinder. You could make a pretty close estimate without a lot of technical knowledge. This is but one example of a site with good information. Scroll...

I don't like scrapping perfectly good steel. You can learn a lot by forging and HT'ing mystery steels. And you can have fun. If the rent depends on your efforts you risk some heartbreak with...

I can hear the voice in my head saying "It depends." I second the request to know the type of drill bit and its purpose. O-1 has been called "drill rod" for good reasons in the past but it makes...