Yes, 1/4", built up in several layers . Multiple layers dry and cure better than one thick layer. With 2" wool, 1/4" of satanite, and a good coating of ITC-100 that forge you are building will run wonderful. The ITC-100 doesn't need to be very thick, as long as it fully coats the satanite. Make sure the satanite is fully cured and has been fired before painting on the ITC-100.
For a forge chamber your size a quarter pint of ITC-100 will just do the job. A half pint would allow a second coat. I would spent the extra $15.
If you haven't figured the build on the forge ends yet, Insboard works great. It cuts and fits the end of the pipe easily, and has great refractory properties. You just mortar it in place with satanite.
You don't even need to mortar it in place if you don't want to. just use two 1 foot squares of Insboard and cut the front port shape in one. Place it over the front of your forge and place some hard firebricks under the port to hold the front in place. To block off the back opening when not needed, place the other 1 foot square of insulboard over the opening with a couple bricks behind it.