Depends on the steel. With steels of more than .8% carbon, slow cooling is not desired when heat cycling. If the steel cools too slowly from the initial high heat, the carbon will reform as unevenly dispersed layers and carbides can collect in the grain boundaries making a weaker structure. Air cooling does not allow time for this to happen to any great degree. At the second heat cycle, just above non-magnetic, some recommend quenching to lock the solution in place. I have not yet tried this. Then a few cycles at low red, below non-magnetic will further refine the size of the grains and the size and number of the carbon spheres which carbon forms to at this heat range, making a fine structure ready for the final heat and quench, at about 40° to 50° over non magnetic. With simple steels of this carbon range, higher heats can be detrimental to the structure you have prepared.