In terms of steel hardenability, nickel is a pretty benign alloy addition, which is reflected in various carbon equivalent formulae. Its primary effect is grain refinement, a strengthening mechanism that also improves low temperature fracture toughness.
My background is welding, and I consider 1Ni-¼Mo to be the "sweet spot" for a low alloy filler metal composition with all-round good properties.
"If you don't have time to do the job right the first time, when are you going to find time to repair it?"