Here is the rub. you can and the ABS does forge blades for fun in that length of time but its merely a knife shaped object compared to what those same smiths can do with the proper time and steel. It is not a high performance blade and never will be compared to properly normalizing,annealing or setting up a spheroidal grain structure. There is also a lot that goes on behind the scenes of FIF that you dont see.
I have been forging knives since 2000 and have co brands with Bark River Knife and tool as well as being a designer. I dont say any of that to brag, especially with Lin here, but just to preface what i am about to say so you know i am not just an internet jockey.
If a smith is dealing with known steel then he has the knowledge to heat treat it so lets go with 5160, the ABS favorite. Its a medium carbon steel, many call it high carbon but its not because it only has between .56 -.64 carbon with ,70 being neutral or an eutectoid steel, and when handled correctly makes a great knife. So once its completely forged the grain of the steel has been distorted and has increased in size. This is bad and normal for any forging process so the next step is to return the grain to a smaller and orderly shape. This is called normalizing. Heat the blade to 1600*F then let cool in still air. most use vermiculite. this will take many hours to cool. Once thats done you want to set the steel up for grinding and to be austenized , hardened, followed by tempering for 3-6 hours but here is how to get the spheroidal structure. For a predominately spheroidized structure, heat to 1380 °F (750 °C), cool rapidly to 1300 °F (705 °C), then cool to 1200 °F (650 °C) at a rate not exceeding 10 °F (6 °C) per hour; or heat to 1380 °F (750 °C), cool rapidly to 1250 °F (675 °C), and hold for 10 hr. that last sentence is from Kevin Cashen.
Just from this brief description you can see that what is made in two hours on on FIF is nothing compared to the time needed to produce high-end performance blades.
Shane Wink