After poking about with several carbon and stainless steels, I've settled one simple and one complex steel in each category. At the moment, these are:
Simple Carbon: 1084 - cheap, performs great, tough, fine edge, and I can heat treat it reliably in my small forge. Also great for experiments and quick turnaround.
Complex Carbon: A2 - well-established high-performance tool steel, much more wear resistant, with straightforward heat-treat and good dimensional stability during quench. More affordable than the super fancy stuff. Available p-ground from almost anywhere.
Simple Stainless: AEB-L - inexpensive, fine edge, tough, straightforward heat-treat
Complex Stainless: S35VN - most expensive of the bunch, sellable, decent balance of blade properties in stainless, easy enough heat treat. This could easily be swapped for CPM154, but S35VN is more desirable in the marketplace
Of those four, I pick the best suited for the blade I want to make, or make something suitable out of what I have on hand. Other steel variations usually fall close enough to one of those four that it's hard to make a BAD choice with only those four to choose from, for the kind of stuff I make.
Of course I've still got O1, 154CM, and CPM154 kicking around, but probably won't buy more. So I chose a balance of performance, cost, and least-misery. Exotics and finicky heat-treat aren't worth the trouble for me as a small, hobby maker. I'd rather be good at a smaller number of things. For instance, O1 is best done with an electric kiln AND oil. Give me forge & oil OR kiln and plate quench. I have a pair of O1 blades I haven't bothered to sand for heat because it's a pain. Maybe some people quench foil packets in oil, then manage to straighten before O1 sets up? Anyway, those are the things that govern my flavor choices.