From what I found so far. I am going to dig deeper as I am curious also. The steel is cycled at 1250° to 1300° several times. You would pre-heat your oven, leave the part in only long enough to reach temp, remove and air cool to well below 400° or room temp. It would seem that you could even quench it, but I would try air cooling first, until I get more info. Sphereroiding begins above 900°, but if slow cooled, such as in normal annealing, will revert back to a layered structure. Air cooling is fast enough to abort this if done in cycles. Sphereroiding takes place between 900° and 1414°. 1414° is the curie point, or non-magnetic, where the carbon will begin forming solution. The idea is to lock in the sphereroidized carbon condition by cooling it fast enough to avoid it going back into layers. If you were to go to non-magnetic, or higher, you would have to start the process over again because the carbon has started dissolving. Found some more info. If you were to soak at 1250° to 1300°, then air cool, the carbon spheres will be larger and spread apart more, and make the steel even softer to work, but then you will have to soak the part at quench heat longer when you are ready to harden. The first method forms small spheres closer together which may not be ideal for your purposes. I would still cycle a couple of times though using method 2. This latter method seems the best for making parts softer to work, but you will want decarb protection for a longer soak time for the hardening quench. I would say 20 minutes at 1475°. The reason for the longer soak time is that the larger spheres take longer to dissolve into solution. All this is based on 01 steel. If 1095, you would only need a few minutes of soak for the quench. Carbon itself dissolves pretty fast, but the alloy carbides in 01 do not. Hope this helps. I'll give more info if I run across any.
Brownell's carrys two decarb protection products. One is PBC powder, which I have used for a long time, but also have a liquid that is applied with a brush. I am experimenting with the liquid, and so far it seems to work well, and is easier and cheaper to use.