An edge is an edge. If you think it's necessary to make the tool totally out of some HSS alloy, you might want to reconsider. As an example, take the Oland tool as shown in
http://www.aroundthewoods.com/oland.shtml which might be described as a "fluteless gouge" were it not an oxymoron. The grind can be a continuously variable angle similar to what you would put on a fingernailed or "bowl" gouge to allow bevel support when plunging and rolling. The same, with an unvarying bevel angle is known as a "scraper," and is featured in many interchangeable end tools like the Sorby multi-tip scraper.
Will it move a lot of material? You bet it will, but it takes a lot of force if presented flat into the cut, or even uphill as shown here.
http://www.youtube.com/watch?v=jznN1FCmZTw You can see that the piece is turning very rapidly to provide a lot of kinetic energy, which can be a big problem if the piece is out of balance. Throws the shavings back into the operator's face unless the tool is rolled, too. If the bevel is seated, it's a cut, if not, a "shear scrape," the shear angle provided by the curvature of the tip.
If working steel is your thing, have at it. I like to control the flow of shavings away from myself, taking broader and thinner shavings, taking advantage of the secondary curvature of the flute to prevent catches and allow taking a feathered shaving which minimizes uplift against those two upgrain portions of a cross-grain bowl. Makes for less sanding and uses the tool attitude rather than the operator's strong arm to maintain the cut.
As an example of a shallow flute (not a no flute) shear cutting, Take a look at the virtually uninterrupted shavings possible on green wood in the still, or the length of almost transparently thin shavings possible on dry wood
http://s108.photobucket.com/albums/n28/MichaelMouse/?action=view¤t=CherryPeelIn.flv where even shaving uphill produces barely enough force to break the shaving.
