Martensite finish is interesting research, for sure. I've been spending way too much time (someone started a thread about this very thing!) studying martensite start and finish temps. I can say with pretty good certainty that figuring out a very accurate martensite finish temperature is VERY difficult. Martensite Start temp is a bit easier, but even then, it is difficult to determine accurately.
There are essentially two things going on when taking a steel, such as stainless, down to sub zero temps. First thing is very direct....full martensite conversion. Obtaining absolute 100% martensite may indeed be impossible, always approaching the limit but never getting there! When a steel is quenched, it has a certain amount of retained austenite. Usually (disregarding the experimentation of leaving some RA for added toughness/strength) we try to get as much martensite as possible. Let's say a steel like AEB-L has a martensite finish temperature of -90F. I'm not saying that IS what it is, but as an example (if anyone knows actual Mf for AEB-L I would love to hear from you!). If we did NOT employ a sub zero treatment that can reach -100F, then the AEB-L would likely have retained austenite. You may reach 60C, but not 63C. So the sub zero quench will help to convert the RA over, adding to the overall hardness level.
The second thing that we may see during the use of proper "cryo" (as in liquid nitrogen) will be, not only full martensite conversion, but the precipitation of super small greek letter carbides. I am not sure if the sub zero (-100F) precipitates carbide formation or not. But by FAR the most important thing we are after by employing either sub zero or cryo is full martensite conversion. Eta carbide precipitation is a bonus!
You mentioned that if Mf was higher than room temp, that sub zero treatment will improve a blade. OK....that is highly debatable. I have an opinion. OPINION. And to clarify, we are going to be talking about carbon steel, NOT stainless, since we are interested in steel with Mf above room temp. Stainless has Mf well below 0F. Let's take our beloved 52100 steel as an example. And if I am way off base here, I would be thrilled to be corrected!!!
52100 has an Ms of around 400F, maybe 350F-400F. It's Mf temp is maybe 150F-200F, above room temp. If I were to take 52100 (assuming prior heat treat has set it up correctly) and harden at around 1475F with a solid soak, and proper quench speed, I would expect to obtain 66 easily, possibly 68, C scale, once the steel has cooled down to room temp (below Mf). You really can't achieve a hardness level much more than that. So I would not expect to gain any more hardness by employing a sub zero quench. What would I gain? Possible ETA carbides.....possibly. How much to ETA carbides aid a knife? I have not a clue. There would be some retained austenite in this sample, but by choosing the austenitizing temp to just put enough carbon into solution to achieve max hardness, and leaving the rest as carbides, we have very minimal RA. Can sub zero convert that over? You bet. But there is very little RA, so the sub zero would likely not manifest a noticeable improvement.
Now let's take 52100 that is set up right, but this time let's harden it at 1550F or 1600F. After the proper quench and cool down to room temp, if you were to Rockwell that piece it may not be 67 or 68, likely NOT. Probably around 63 or 64? Just guessing, please don't take the numbers literally, but as an example. How would I get to the max RC level of 67-68? You would then employ a sub zero or cryo treatment to convert that RA over to martensite. Because you hardened at such an elevated temp, RA can be a relatively high percentage, and you'll likely want to convert that over.
I don't know much about the employment of sub zero/cryo after tempering has been done. I know that it is done on some of the higher alloy stainless steels out there, but I can't comment too much about that.