Colt 1911/1911A1 in Damascus steel.

It is possible to fabricate a receiver and all the external parts of a Colt 1911/1911A1 in Damascus steel.
Pattern welded steel/Damascus is harder and stronger than the regular
forged steel used currently, right?
What other benefits might there be? Is Damascus ( pattern welded steel) more or less prone to rust? Does it take finishes well?
http://www.thefiringline.com/forums/showthread.php?t26029
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