Hey Friend,
I've done a bit of something like that, but not quite profiling though. I've cut rough chunks out of leaf spring steel with a cutting torch, which I then forged. The metal doesn't get hardened by the cutting torch. That happens when it is quenched at a very high heat--somewhere around 1500°F, depending on the steel alloy. The main issue, as I see it, with cutting with a torch is the metal all along the cut edge is pretty much trashed. So you'd have to grind that area back all along the profile until you get to clean metal. If you have access to a vertical metal cutting band saw you would probably be better off with it. For starters, the saw blades would probably cost considerably less than the OA fuel. Let us know how it goes.
All the best, Phil