it looks like its kinda similar to stellite. about ten years ago blade had an article where the author forged a knife from it, he had to use a hydraulic press to shaped it. in the article he stated that he could barely dent it with and hand hammer and anvil. with that said , i wouldn't think talonite would be good for forging, just stock removal. i know stellite is very abrasive, at a machine shop i worked at we used to heat shrink stellite rings in to some parts and then face off about .01 and it would take a toll on carbide inserts. so i imagine you will go through some belts.
i just read this on knifeart.com
Talonite Compared To Steel
Talonite® is an alloy that is primarily cobalt and chrome with only a very small percent of iron in it. Steel is iron with a very little bit of carbon in it. (Iron with .1 - .3% carbon and a maximum of about 2.5%). Talonite® is very different than steel and cannot be compared one to one with steels. Talonite® has a lower Rockwell than some steels but it contains carbide grains. It is softer on a Rockwell test but much more wear resistant than steels. In addition to the hardness of the carbides it also has about a 30% greater lubricity. Talonite® can be sharpened to a razor edge as well as any other material, however it will cut much better than other materials with an equivalent edge because it is much slicker. Steels have a greater tendency to grab in the cut. The grabbing creates more work and dulls the edge faster.