I'll change my question.....
Could that be good steel popping through forge scale?
One of the guys who posts on Blade Forums built a big water cooled aluminum horizontal platen that sets up high on his KMG. It has a pump to circulate water though the block. The bad news is that he never made plans for it. He just built it. Something like that would be pretty sweet for jobs like this.
So the final question is, is it worth it to spend 700 in a masamoto honyaki or 200 on the Tatagi and go through the time and pain to fix her up.
For some of us the fixing is reason enough. For others, not so much!
"The Buddha resides as comfortably in the circuits of a digital computer or the gears of a cycle transmission as he does at the top of a mountain."