Mokwepa,
You could do the tempering either way, with the guard on or off. If the guard is very large, it could over-heat the already tempered blade and soften it right at the blade/handle interface... Not good. But to do that, the guard would have to hold enough heat to raise the blade temp over about 500F before the guard cools.
I'd probably HT the 2 together.... But I'm not sure about that...
If I assembled after heat treat, I'd assemble quickly and quench the guard asap to prevent too much heating.
Heat treating simple carbon steel can be simple or complex, it seems. For centuries, the village smith did HT as I described, more or less. Heat to transition (Loved the description of transition in your link, HSO), quench, temper. A 30 minute operation.
Now, if you look up recommended HT for 1095, for instance, you find that to get the most from the steel, you've got precise temps, hold times, and about a 3 or 4 hour process. That's not practical in an open charcoal forge run by an amature like myself. I've gotten pretty useable results with the older traditional technique. I'm sure it would be better if I followed the more modern procedures, but....
Havin' fun yet, Mokwepa?
J