Yes, this is a good idea.
Metals are workable when they have reached a certain temperature, it varies depending on which metal of course, this could be empathised in this game, so you had to experiment with the metal (or ask a wiser smith), different ways of letting the tool cool, like fresh water, salt water and oil.
Different types of cooling jars, used to give the weapon (or tool) different qualities.
Different smithing Techniques (some techniques can not be used on some materials of course, once again test).