Google Translate missed the first sentence of the red text.
刀は鋼にあり
Sword is in steel (meaning; the core/key/most important part of sword is steel)
My interpretation;
迷覚覚迷七〇年
Being undeceived, straying, straying and being undeceived for 70 years
待判定藤助之作
Waiting for evaluation of Tōsuke's work
(There seems to be レ点 between 待 and 判, so this sentence would be read as 漢文; 判定ヲ待ツ)