Looking out for the steel alone, our time personal considerations aside, the less time spent at high temperatures, the better. Unfortunately so many of our operations require some time, so we should look for the least amount of time to get the job done and call it good.
Lamellar annealing (heating above critical and slow cooling to transform to pearlite): The cooling operation only need concern those temperatures where pearlite will form the quickest, around 1250 to 950F for 52100. Simply air cooling from critical will form superfine pearlite with bainite and will not be very fun to work afterwards. The wood ash trick will give mostly fine pearlite, workable, but drilling it may be touch and go.
With your forge trick an isothermal procedure would maximize your time. If you want pearlite all you need is that lower temperature range, the higher in that range the coarser the pearlite (which is softer) but the more carbide that may be ejected into the grain boundaries. So an ideal way to do it would be to have the forge at 1200F. heat the steel to critical in another heat source and put it in and seal it up. The rest of the time is only what is necessary for the pearlite transformation to complete, after that you could quench the steel to room temperature and not worry about hardness.
If one has this kind of control the transformation requires minutes not hours to be complete around 1200F., the reason bladesmiths go with hours is because they are dealing with continuous cools from 1450F. or better, to below that range, if you interrupt the process at any point before the austenite is completely converted, there will be a mixed microstructure that will give you some issues. So we are back to not what the steel needs but what your equipment can give it. The real concern in decarb and coarsening is during the unnecessary period from critical to 1200F where the austenite is just sitting around with nothing to do but get into mischief. After it has completed the transformation, pearlite is about as stable as it gets for phases and you can do whatever you want, so as soon as your forge drops below 950F no progress of any significance is being made with your anneal, if you want to get back to work quicker pull it out and let it air cool. But on the other hand, since not much happens to pearlite below 950F you could just leave it there and go to bed without worrying about it.
Spheroidal annealing: The other option I mentioned would be to heat to critical and quench your blanks to fully harden them and then heat to just below nonmagnetic several times. Not only will this refine grain like crazy, but it will take that carbon that is trapped entirely in solution from the hardening and ball it up into tiny spheres evenly distributed throughout the matrix. Cutting time spent with nasty decarburization, no grain growth, no worries about excessive grain boundary carbide. And as soon as you heat it the last time you can set it in the air and walk away. If this sounds too good, there is a downside- you will need to soak a little longer than pearlite to get spheroidal cementite back into solution when you do the final hardening.
I did it again

I took a whole page just to say that all you really need to worry about is the time spent in your forge from critical to 1200F after that, no harm done
