i purchased a 1/2 rod of 01 tool steel to try my first attempt at forging high carbon steel. was this a good choice or should i savwe it for later and try something else.

Try making a test Item out of mild steel first so you know exactly how you will get from point a to point b.

Specific recommendations for heat and heat treating are available here and else where on the web.

Check out bp 0078 for heat treat you will do fine...and have fun

I agree that a run through with mild a few times to get the techniques are worth while. Then go to the tool steel and don't heat it past orange (mild will work at yellow) and be prepared to execute the same techniques but you will have to hit it much harder. Tool steel is tough stuff.