My problem with magma in DF right now is that it manages to both be frustrating and 'easy mode' at the same time (a rare gift..). It's often a pain to dig down to and to set up forges for (particularly due to the whole "warm stone warning" when its on a different z-level) and even worse to pump up to the surface. Then, after you build the forges, they require a long walk (And extra pathing) to get to.
This is my issue with it. It comes down to play style I guess. I don't like having to race down to magma to set up my smithing industries. There's about 4 dozen other things I need to be doing first, and getting down there means getting through the cavern layers, and all that entails and the sheer logistics of it. Feeding, housing, protecting those guys...you're basically splitting your fortress in two, unless you're planning on making your first gate at z-60 or something.
Meanwhile, the fuel problem actually creates shortage and supply problems which becomes an interesting challenge all its own. It gives you stuff you ACTUALLY need to trade for, forces you to make production decisions about what's important versus what's frivolous crap and blatant hording and fuel requirements support several industries.
It's not that I don't like magma forging, it just feels like a meta-gaming thing the way it's suggested on the forums. To me, it's a late game industry that you set up for when you're planning on delving for trouble, when your fortress is so big you can conceivably support a second population down there, and have plenty of haulers to keep things flowing. The only exception is when you embark near an active hot spot and magma is literally sitting near the surface layer begging to have forge put over it. But that's pretty rare.
So yeah.
1. Forested Regions
2. Start conserving EARLY
3. Use pathing restrictions to maximize regrowth
4. Consider tree farms (not that you really need them with the bounty of wood in the Cavern layer)
5. Set up regular shipments of extra fuel, and wood if necessary
6. Do not use your Smithing industries for profit, because it becomes a bottomless pit of fuel cost
7. Do not use fuel to support other high-needs industries. Making soap or potash for your fields in the end requires fuel, for example. And potash at least isn't necessary, because you can always compensate by having more, less productive fields.