Ive used pitch black, a type of pitch used for chase/repousse for silver smithing, for restoration. I guess it is derived from pine resin. It has held up fairly well (no blades flying off yet) though I dont use any of the blades for hard use, so I dont know how well it would work for a user blade. I hear traditional cutler's pitch is usually a mix of stuff to make it harder, but I havent tried any of the recipes for it. There was a long discussion about culter's pitch and different recipes for it on the Himalayan Imports forum on Bladeforums.com a while back. You could trying searching for the old thread there.
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