Hi Ryan, I remember in one of the
wood burning stove 2.0 DVD's Ernie Wisner was experimenting with a J tube
rocket stove to heat up some metal acting as a crude forge. In this case, the top of the heat riser was exposed (no barrel) so that he could hang some metal into the hottest part of the heat riser somewhere at its base.
Having this as a separate function rather than combining it with a full size system with a barrel and a mass may be the best way to go as metal blocking the gas flow I think would slow everything down and may start to clog up your system.
I would agree with Mike in that the burn box would not be ideally be the best place to try and heat steel very quickly.