Like A2, it's an air-hardening steel and is hard to heat treat properly. If you manage, then that's great. It is said that D2 may be a little better than high carbon stainless steels. This might be better than 1050, but it is more difficult to find, and will most certainly be more expensive than plain carbon steels. Some may use a torch to treat the edge to give it a Japanese style temper line - such a maneuver might be okay with knives, but in swords there is almost always a total loss of control of quality.
Inferior heat treating can result in a poor steel.
S-5 might be a better way to go, but it's pricey. You've seen it advertized in some of Museum Replica's catalogs - which earlier Del Tin swords and blades were forged from. It's the European equivalent of AISI 1055. 50CRV4 - This is a steel with very small amounts of Vandium and Chromium. Thus it makes a good spring steel.