Just thought I'd show off a little.  Not to be arrogant, but I'm genuinely proud of my work.
Here are two points I pulled off broken arrows.  One is a standard field point, the other one I forged.  Both 125gr.  Both hit a number of rocks.  Goes to show the difference between scrap steel and hardened tool steel (W1).
Yet, like all things, there are draw backs.  If I were to put a price tag on mine, i.e. hired to forge a dozen, they'd easily cost 10-15 times as much as a $6/dozen bag of field points.  So in most cases, it'd be easier to just replace the field point with another field point, or to file a new point on the old one, or to hit the target and not rocks  

 I might save on shafts that way as well.