Honestly, I didn't see a lot of wasted time in that - the individual moves were happening as quickly as the hammer could go up and come back down; only the gross moves to change out tools or go back to the forge seemed less than optimal.
Look at the Swedish forging video someone posted above, they have a "forklift" with a pretty cool mechanical gripper, which is acting like a big hand for the operator.
The forklift is a little bit cumbersome, while the manual workers don't have enough strength.