Once you've heated some ingots, place 1-3 of them, heated, on the anvil, then hit (z) (by default) to bring up the radial.
1 heated Ingot - Dagger/Small blades (Daggers/Spears)
2 heated ingots - everything unlocks - Normal blade, small hammer head, small axe head
3 heated ingots - large blade, large axe (hit it again for pick axe), large hammer head.
Once something is crafted, most of them have alternate view models, some more than others.
Shift - left click looking at a completed STILL HOT item can allow you to add quality (not fully implemented)
30, 10, 1 are achievable, green 30, red 10, black 1 - The first attempt is the one that really sets the quality - extra 30s add roughly 3 points to stats, extra 10s - 1, and I don't think extra 1s do anything. - It's better to hit 30 on the first attempt, than to hit 1 or 10 and later get 30
You must dunk it before you can attach it. - changing the model or style (pickaxe/large axe) will reset quality too, and restart the heat level - they can only be changed while hot.