That will work fine.
The posts claiming forges reaching 1500F while running at 1/2PSI gas pressure are based on an improper reading gauge, IMHO.
I run a small torch at work, and use 1/2PSI propane and 3/4PSI oxygen from the regulators. A seven pound tank of propane will run the torch for six months, or about 700 hours burn time.
However, presure is related to orifice size . A blown forge with no orifice, and 1/4" pipe, running at 2-3PSI will deliver many times more fuel to the chamber than a venturi forge with a .030 orifice running at 15PSI.
The gauges and regulators I use at work are made to read in fractional pressure. Most inexpensive regulators and gauges are not accurate below 3 # pressure. It won't matter, because you are adjusting for the right flame, and don't really care too much what the pressure is.
Stacy