The recently introduced Coaxial Laser Wire Deposition technology can become a new promising method for remanufacturing high-complexity and expensive cutting tools (e.g., flat broach), which will have a significant impact on their service life. In addition, it is an innovative approach to tool management. An analysis of the feasibility of processing cobalt-added HSS powder steels was carried out for single clads and multilayer structures. The effect of process parameters (laser, beam power, travel speed, wire feed rate) on geometric properties, hardness and microstructure was discussed. In order to avoid cracking during multilayer deposition, an additional preheating to 320 °C was applied. Two sets of process parameters with high and low heat input were obtained. Both sets lead to crack-free structures that fulfill geometric (≥2.5 mm in height) and hardness (≥700 HV) requirements.