Starting with your sledge hammer is more difficult than starting with raw stock of the correct size. As beginner making a hammer from raw stock, even the correct size, without an experienced smith showing the way would be a very ambitious project. However modifying an existing hammer will give you some good experience and a good useful tool as well. Why not look for a cheap hammer to modify, I would suggest something like Harbor freight 2 1/2 or 3 pound drill hammer to start with. I made my first straight peen hammer from a 3 pound Plumb engineers hammer . I was not a very attractive hammer but if worked really well. I used it for many years until I got my power hammer which made forging large alloy steel a lot easier.
I know a smith who used to forge only with modified Pedinghaus hammers. When he bought a new hammer the first thing that he did was knock the handle out out of the forge the face to a rounder profile and mushroom the cross peen. To harden and retreat the working surfaces he would heat the working surfaces to critical temperature and quench them under a slow stream of hot water directed at the center of the hammer's face. He would withdraw the hammer from the stream before totally cooled down. and let the residual heat equalize. He said the object was to have the center of the face hard and the hammer edges some what softer. The hammer face and edges were then tested with a file. The hammer would be polished and the the colors drawn if needed. Modifying hammers to meet your needs is a common practice.
For my own hammers, after forging I test with a file for hardness. Some I use and soft untreated if they the alloy is tough. Others I quench in oil and run the colors. This depends a lot on the steel being used. The thing that you must be sure of is that the the hammer face edges are not to hard. I am generally very cautious about heat treatment because the danger of flying shards. I learned that lesson while in junior high school when I hit an anvil with a hammer , the resulting shard ended up in my left index finger. The school coach happily carved it out all the while lecturing me about the stupidity of my actions.
My main hammer is a straight peen. Most of my drawing I do with my straight peen over the base of the horn. I t works well for me. Happy forging