I don’t know about bearing races,but I could see it being possible. Coming up in my “free time”, I plan on using a chainsaw bar to make a couple hand adzes. I heard that a lot of loggers use them to make machetes and big knives and such. I heard also somewhere the newer car spring steel is touch and go and one should look for anything pre world war two if they plan on forging with it. Also I here plow and lawn mower blades make some decent cutting edges. All hearsay yes, but if we don’t try we won’t know. Let a guy know how it works out.