The largest knife I've made from o1 is a 10 inch bowie.It had a 5mm thick spine and was as tough as hell,i agree though that larger blades require a different steel and I wouldn't personally make a blade larger than 10 inches from o1.
EN45 which is the uk equivalent of 5160 would be a good choice,as would EN42.
Even though i'm currently using a laminated stainless h1,i much prefer simple carbon steels for knives.
As you said Timelord larger knives are better suited with toughness more in mind than outright edge holding,though my british service kukri can take a wicked edge it has a thick concave bevel grind.Makes for a great chopper but it lacks the finesse of a flat grind for more delicate cutting.
Either way though there's no need to spend a lot to get a good knife,my kukri cost £29 from Tora Blades,for a handmade genuine Nepalese kukri that's cracking value for money