I just pave the top of the pit over and build my foundry there. If you bring an anvil and a proficient metalcrafter, you can be making gold crafts by summer of the first year. Creatures coming up the pipes is a very rare occurrence in .31.
Of course, if you want to do this, you have to get really lucky or spend some time finding a site with a conveniently located magma pipe surface. Volcanoes are wierd in .31, but I found that they are better behaved if they are bordered on either the east or the south by lower terrain. If the lowest adjacent terrain is north or west, they tend to make magma-filled obsidian skyscrapers.
I finally got tired of messing around with volcanoes until they're fixed, edited the raws to move all the 1st level cavern creatures downstairs (otherwise the job cancellations are horrendous, since everything down there suddenly decides it wants to be on the surface when you break through), and build my fortresses in the top cavern right next to an open magma pipe. The downside is that forgotten beasts will show up about once every year or two, sometimes even during your first summer, and it's difficult to deny them access to your fort so you have to bring the fight to them. Expect a fairly high turnover rate in your military and build a hospital (and mausoleum) early. Of course, with the accelerated steelmaking industry you can have in this setup, your army should be well equipped.