I don't know how accurate the comparison will be because I'm only going to get 440C in 1/16", nothing thicker, and the thinnest 154CM I get is 3/32", but if I can get the steel before my Christmas break I am going to make a small knife so I can compare them.
A knife made from each with a flat grind (or as flat as you can manage) would help, but mainly a comparable thickness behind the edge should yield a decent idea.
If both blades were 1" tall, flat ground and brought down to .015 or less BTE, it wouldn't be a significant difference.
-For a B&T, parer, or thin EDC slicer/utility, I prefer thin with a quality HT to support the thin cross sectional edge profile.
For 154cm and 440C not being of the CPM variety, you may have to go a bit thicker BTE to support grain and carbide growth. If this bumps the BTE thickness to .025" and between 15°**-20° DPS for both (15°having a microbevel), you should still get some results that you can compare without many folks questioning them.
** Though carbide tearout is debated, a microbevel would help alleviate any points of contention or tearout, if it occurs
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Have you given any thought to CPM154? I know it is pricier, but many folks wouldn't bat an eye at that alloy, but would look at 154cm as below what they are wanting to carry.
Personally, I don't mind either way, I carry sharpening equipment with me. But quite a few folks will draw the line at 154cm vs CPM154.
I would think that the heat treat shouldn't differ too much.