Charlie,
There are some major differences in chisels. To make it short, harder steel keeps an edge longer, softer steel can yield a finer edge when sharpening. Damascus (folded)steel chisels are the top-of-the-line, they're like a mini-Samurai sword.
As for golf clubs, if the same steel was used in the casting method it would feel like a forging and they'd be hard to tell apart. That's not the case as forgings use softer, carbon steel and castings use harder, stainless alloys.