Any knife made in this manner will require a really solid anneal and normalization. You are also likely to get microfracturing through your welds. Carbon will migrate in your puddle, so you will just get a hazy transition between the blade and weld filler.
If you want to do this, preheat your blade (probably to 700+F) prior to welding. This will prevent martensite transformation in your puddle as it cools. Form a structural standpoint, I can't imagine that this would do anything very positive for a blade. From a visual standpoint, you may get some cool patterning in your cladding from inconsistent carbon migration through your puddle, after you etch.
My recommendation is to cut a cupon of 1095 and try it. If you have access to a TIG welder, you will be able to control your patterning more easily, and could pick your filler rather than being limited to your traditional weld fillers. It is also gonna warp the crap out of your parent stock, so you are going to have to be very careful to get it back to straight and keep the high carbon where you want it in the edge.