Well, I have never used one for that but the shape is right for sure. Things to consider how will you mount it to a table etc, what fuel will you be using ie: air supply. If using coal/coke what room will you have for a clinker breaker etc or will you pick them out ?  Check out Centaur Forge and look at their firepots and design, perhaps this will give you some more ideas. We are here to help so ask all the questions you want.
Cheers

went out scrounging today and found a foot long chunk of railroad track, some thick iron bolts a foot long, a tire rim, a railroad spring, dozens of spikes, a shackle-hook, and other small cast off sections off the track system. 

is the tire rim suitable as a forge?  would i have to line it with clay, as it is not as thick as the brake rotor you show in your video? 

What is the grade of springs and bolts like i found?  i assume it's higher carbon than the spikes? 

the anvil piece:  it's only a foot long, but it was either that or nothing (or a 10 foot piece!).  There were also plenty of railway parts which were basically flat, but with raised sections at each end.  What would be better as an anvil?  The piece of track (slightly rounded) or one of the flat derailers mounted to a heavy block of wood?

lots of questions, i know

so now, what about taking the pancake compressor, adjusting the psi to suit, and rigging attachments onto the bottom of the tire-rim forge which can direct the compressed air into the fire?

thanks

I don't think I would use the rim but that's just me. Is there truck repair shops in your area ?( brake drums). 
The RR track will make a great first anvil till you find a real one. The springs should be higher grade than the bolts. If the spikes are old they may be higher than the bolts also.
I have never used compressed air for forging, might be too aggressive. But perhaps someone here has or knows better.

Just a point of safety perhaps, if you are borrowing things from the Railway tracks even if not in use they can still charge you with theft, nasty deal.
Just be careful where you scrounge and ask someone on the railway. They are usually nice folks that will give you stuff if you ask.

Interesting concept... and now I am hungry. Will keep in mind though. Keep us updated.