For steel, once it stops glowing the treating is already set. The rub comes when you only heat a section of a part, then the adjacent cold section cools the hot metal fast...and that hardens it, but only in a very localized area. You have no control over it. Using a blanket would help anneal the area you heated, while the unheated area of the part would be unchanged, and the area between the two would be hardened. It's that hardened boundary area that will cause trouble in a spring. It does 2 things...First, it is more brittle, making it easier to break when shocked. Second, because it is stiffer than the annealed portion of the metal, it stresses the adjacent metal more, making that area more susceptible to fatigue.
Some parts are over designed, and not very particular. Springs, however, are the highest stressed parts on a car...thus the treating and shot peening at the factory. Like you pointed out, it's not a simple process, so they would not do it if they thought it was not critical.
I have a 4 year degree in materials...and I personally would not use a torch anywhere near a spring...unless you take the whole spring to be treated and shot peened afterward. Then the problem is you don't really know what the material is and what hardness is optimum.
Bit long winded...but the bottom line is torches and springs just don't go together!
John