Just for the record, as James's thread notes, Daedric actually does the most bleed damage. But Orcish is quirky in that it does much more than the weapons of similar quality, and more even than Ebony. So yeah, Elemental Fury + Dual Savagery with daedric, orcish, or ebony war axes is the way to go if you want to stack bleed as efficiently as possible.
Tempering does not improve bleed damage, nor does anything else (one-handed skill level, enchantments, potions, etc.) with the exception being lowering your difficulty level. It ignores enemy AR and blocking; it's applied similar to magical effects. That being said, it may actually be affected by Weakness to Magic; I have a feeling James would have tested this but his thread doesn't say.
Just for the record, as James's thread notes, Daedric actually does the most bleed damage. But Orcish is quirky in that it does much more than the weapons of similar quality, and more even than Ebony. So yeah, Elemental Fury + Dual Savagery with daedric, orcish, or ebony war axes is the way to go if you want to stack bleed as efficiently as possible.
Tempering does not improve bleed damage, nor does anything else (one-handed skill level, enchantments, potions, etc.) with the exception being lowering your difficulty level. It ignores enemy AR and blocking; it's applied similar to magical effects. That being said, it may actually be affected by Weakness to Magic; I have a feeling James would have tested this but his thread doesn't say.