I'm not an expert, and I'm not even a pounder (yet), so I'm not speaking from a position of authority, but I'm interested in this stuff so I'm gonna chime in any way.
Far as I know, San Mai is Japanese for "three layer." San definitely means "three," at any rate. It's laminated steel, with a thin layer of very hard and wear-resistant steel sandwiched between two thick slabs of something tough and ductile. It's different from some (but not all) Scandinavian laminates which only have two layers.
Lazy Man's Damascus? Again, I've never tried forging, but I would think that keeping a skinny layer of material straight throughout the forging process would be a bit of a challenge. Likewise, the laminar welds that hold the blade together should be sound and uniform all along the blade. Would you be able to get away with going over them again and again the way you do when layering damascus? Or would you have to get it right the first time?