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Great project , to keep it cool I though that a peltier would heat/cool depending on the +/- configuration so no fans would be necessary, surely it's possible to invert the voltage?
Thats right the annealing is the best way to go anyway as you may save yourself a few drill bits or taps, but retempering is also easy, you polish the steel so that when reheating you can carefully watch the colours flowing through the material, the yellow(straw) color will give you back a pretty hard temper and then quickly dunk the piece into oil or even water. If you were to heat back to red hot then you would make the material very brittle and possibly dangerous (it can shatter in your hands while using it), the other colours that can be seen e.g. blue makes the steel into a spring etc. it's a very interesting process and not hard to learn.
Alcahol is toxic and is also banned for human consumption in some places but must people enjoy it - as always toxicity comes from abuse.