OK, here' my first attempt at a San Mai billet. It's got a .093" thick 15N20 (high carbon) with a .100" layer of mild steel on outside. Clamped in vise, stick welded all way around, put in forge got hot (bright orange) and started pecking away. The trick seems to be light steady taps, not hard whams. The black is the 15N20 core that's been etched, with the whitish part the mild steel outside. Best I can tell there are no delaminations visible. I'll most likely cut this up looking for delams inside rather than make a blade from it. I didn't take photos of making the billet because I didn't expect it to turn out this good.
This is the top edge - the core seems to be fairly well centered and no delams visible on top.
This is the top edge - the core seems to be fairly well centered and no delams visible on top.