I think that they could modify the stamina mechanic, (like i`ve seen suggested in a few threads like this one) where instead of `stamina` You could choose the amount you want to `forge` and time in the game world passes until that`s done. So.... Forging 100 Swords would take 2 days in game (just spitballing number) of course it would take time to balance but instead of being unable (or be blocked from doing anything in real life time) it simulates game time taking you away from other important missions or things to do for your character (being able to stop progress at any time in order to leave the city during an emergency could be an option. I`m pretty sure you`re not going to keep smithing for 2 days when the castle gets actively sieged and you can`t help defend. Just a few ideas, and i think it`s a good middle ground for both sides.
in regards to skilling up Smithing, it could reduce number of materials, or time taken to forge. Can rework perks to be more in tune with Refining, Smelting, or Crafting the actual things. So if you wanted to specialize in one of the three things, Say be a Legendary refiner, you are able to take many items and create more supplies than others for profit, crafters could speciailze in making those legendary armor and weapon pieces, and legendary smelters are for the warmonger that can quickly smelt down large quantities of weapons from battles to turn a profit. Effectively allowing you to multiclass a bit while in turn not stunting your growth, and being fair to the more casual gamer. The hardcore gamers will have more of a job balancing out what they deem more important for their character... Crafting legendary equipment, or taking the world by trade, or outright force. Mount and Blade has always been a wonderful world to explore and this one is no different.
Just my two cents