Ron, I'm not an expert in metal heat treatment, but I think that the air cooling gives a normalized part for 4130, while the oil bath cooling gives something closer to an annealed part. The normalized case is considerably stronger than annealed. Here's an extract from MIL-HDBK-5H, page 2-11 (this is the reference book for aerospace stress analysts and designers for the mechanical properties of metals):
"In general, the annealed condition is achieved by heating to a suitable temperature and holding for a specified period of time. Annealing generally softens the material, producing the lowest mechanical properties. The normalized condition is achieved by holding to a slightly higher temperature than annealing, but for a shorter period of time. The purpose of normalizing varies depending on the desired properties; it can be used to increase or decrease mechanical properties. The quenched and tempered condition.... ....is used to produce the highest mechanical properties while providing relatively high toughness."
At any rate, the as-welded and air-cooled strength has long been known and counted on for the structure of welded 4130 parts for aircraft.
Dave
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