Alright, cobalt is VERY convoluted in making, but seems realistic as it can be made without electricity, and was discovered quite a while back. We don't need 100% pure cobalt, but we'll call it cobalt nonetheless.
Alright, the system seems to work like this: cobaltite is melted down, the result is washed with hydrochloric acid, then the solution is cooled with limestone and sodium hyposulfite to precipitate cobalt trioxide, which is then reduced with charcoal. So the ingredients seem to be: cobaltite, limestone, brimstone and rock salt for the acid and hyposulfite. All for one slug of something we could call cobalt. I got pretty tangled up in the whole thing (I had to look through like 8 pages simultaneously), so if anyone has any insights on making cobalt "the old way" please correct me.
Now, for the alloys I found in the wiki:
Stellite & Talonite - both cobalt-chromium alloys with trace carbon content. However, it is important to note that stellite is ver hard to work with, as it's very hard, and it has to be cast into shape, while talonite can (or could, with dwarves) be forged, because of specific hardening techniques. The end result is two identically nice metals, except Stellite is only for Armor, Ammo, and Anvils (AAA-class?) and is slightly better blocking, and Talonite is only for Weapons, Ranged, Ammo, and Digger tools, and is slightly stronger on attack.
Alnico - magnetic compound of aluminum, nickel, cobalt, copper, and iron. I suppose we should use some other name for it. That, and it's only special for is magnetic effects that we can't replicate in DF. So, I guess it should be just an expensive decorative metal. Maybe the name could be something like "seashine" for the blue color of cobalt?
Vitallium - a cobalt-chromium-molybdenum alloy that's used in dentistry and turbochargers (if you ever though what could be common between dentistry and turbochargers, it's this). Lightweight, hard, and temperature-resistant. The hame's great for an armor-metal, so I guess it's steel-quality on attack, and some 160% on defence, and lightweight to boot. It's hella valuable though.
There's also an unidentified alloy named Megallium, that has no page for it. With such a name, I suggest make a use of the Lamshinral ore, vanadium/chromium, pig iron, cobalt of course, all interwoven with graphite fibers. It's going to be the second superalloy in the mod, next to Isrirkadankel, the mirrorsteel/lamshinral alloy. The Isrirkadankel's formula is Steel+chrome+molybdenum+nickel+kelshinral+cementite, while megallium would be Steel+chrome+vanadium+cobalt+kelshinral+fibers. Megallium would be easier to obtain and somewhat less efficient, but still way better than steel.
Opinions?
I'll do some more experiments and update the mod again. Somehow I didn't save the BAR:STEEL thing that was reported in mirrorsteel...