You're not trying to make hole saws are you? You cannot make them, you must buy them!
I imagine that rolling them cold in small diameters could easily crack the back due to the amount of overbend that you must induce in order to create a permanent small radius.
I think the teeth are high speed steel welded to the back strip. So you could heat the blade up to a dull red without spoiling the temper of the teeth. You'd need to roll it fast, but you won't need to overbend it because it will be pliable. Take care not to flatten the set out of the teeth.
But you'd have to reheat, quench in oil and temper the back with typical heat treating techniques if you want to restore the springiness of the steel, after you butt weld the ends. This might help prevent the saw from going egg shaped if it is being abused in the cut.
First you get good, then you get fast. Then grouchiness sets in.
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)