I've gone ahead and opened the bloodforge and smelter. The blacksmith assistant in the workshop is just a husk right now. You can go ahead and transmute pendants or try out the new smelter. The smelter area works like the one at Ebon Gate. Just ASK MINER about COST and ASK MINER about ORE.
We're still working on the smithy. More information will be posted about weighting/padding before the smithy opens.
http://forums.play.net/forums/GemStone%20IV/Paid%20Events:%20Adventures,%20Quests,%20and%20SimuCoins/Duskruin%20Arena/view/7469