How will it work, you go to the blacksmith, you say "I want to forge here", and your character stays here for two weeks?
Who will want to play a MMO like that?
And the tabletop system isn't "well timed": while the time is correct for a 1-2 level character, till level 5 the time begins to be long. Above level 10 it is far too long... (and things like adamantine or mithril armours are ever magically crafted, no one is wanting to forge the same thing during two years...)