Just for kicks I'll give you another opinion.
I think you're better off to build that forge with a 2" bell reducer than a 1.5"
Also, instead of just drilling the 1/8" nipple with a #60 bit, I would suggest that you follow the advice of Michael porter and put in a TWECO 14T welding tip. You have to use a 14T (an 0.035 works best) to get the right air-flow. IMHO, it's easier to drill and tap the 1/8" nipple for the tip, than it is to try and drill it with those tiny bits. Once you do have it drilled and tapped, you can try different bore size in the tips to see what works best for you.
I have done this to my little forge, and it will far outperform the standard way most people have built this forge.
You can easily get to welding heat with this set-up.
I do agree that for welding I would build a bigger one though, with a floor out of clay so that when you put all that anhydrous borax into the forge it won't eat away at the alumina shelf and kao-wool.
This sounds opinionated, because it is. I have seen these forges built both ways, and the way mine is set-up now it will burn hotter and more efficiently to boot.
I'm not claiming to have the perfect forge or know it all (oh my God am I not saying that
) But these very simple things will be of a big benefit.
Good luck, email me if you have questions
Nick