In the tool steel heat treating market, cryo treating is a commonly promoted process. (It is most commonly promoted by its purveyors....) The "explanations" of the process are thin on substance. Our view has generally been that as some assurance of full transformation to martensite...
Since both the carbon & the chromium appear to be slightly lower in the grade you want to substitute, you might find a somewhat shallower depth of case, and perhaps a somewhat lower heat treated hardness in the matrix. You might look into 8620, which is also commonly available, and which has a...