Matt-
When you forge a blade to shape, you are pushing the steel to your desired shape, but you are not compacting it. The thermal cycles that the blade may go through with this awful term "edge packing" can be of benefit, but it's due to times and temperatures.
I would rather throw that term out completely, as mete stated it's a myth.
You will be much better off to forge the blade and then put it through very precise thermal cylces to refine the grain. The "magic" is always in time and temperature, not hitting it with a hammer.
The reason I forge most of my blades, is because I love it, and feel it is an art. It allows much more freedom during the knifemaking process. That's not some condesending, supreme attitude speaking....it's just how it is. If I have a blade going and don't like it, I can forge it into a different shape, I forge all my own damascus, and I can forge down an integral and not have to mill the whole thing out of a block of steel. With my stock removal blades, once they're shaped, I can either cut them down more, or leave them as is...I can't reprofile them or stretch them in one direction or another. T
To me, those are the reasons to forge...not because of making a better blade or not.
I hate to say it, but there are many guys making knives worse because of their forging...they are blowing the grain up in a hot fire and not getting it cycled back down to what it was from the mill, let alone finer than it came from the mill.
Most importantly, the steel should be heat-treated to it's fullest, the blade should be ground as thinly as possible (for its intended cutting medium) as evenly as possible, and should have a comfortable handle.
Good luck with it!
Nick