Talonite is similar to stelite and other cobalt alloys. I'm pretty sure forging and hot cutting aren't possible. I think the general consensus on the stuff is to use ceramic belts and carbide bits.
I did one once(someday will again). I used fresh regaloy belts in 36 and 120 grits. for holes I used 1/8in masonary bits( found em on the rack at Fred Meyers dept store). Drill slowly and use cutting fluid and all should be well. It profiled fairly easily but when beveling, belts would stop cutting as soon as they lost that "fresh belt" feel.I would suggest having several brand new belts on hand. They were still fine for steel afterwards but just wouldn't bite the Talonite anymore.
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