amorrison4;
You don't mention the thickness of the base metal that you are joining, which really governs cooling rate during welding. Water quenching and rapid cooling rates during and after welding are comparing apples to watermelons.
Given good welding practices, where welding is performed at or above 50 deg F AND base metal thickness less than 3/4", the answer is NO you will not form martensite in the base metal heat affected zone or in the weld deposit.