I made one of these, along with 2 forged velium scimitars just because i had the bricks of velium. I tried it out on my lvl 15 warrior and the proc does not work yet, so it is not the same as coldain velium which proc at lvl 1. I would guess maybe these proc at lvl 20 or at lvl 25 like normal velium weapons do.
I made one and the "Effect" is not listed on the one I made. I wonder if it was removed in a patch? My smithing skill was about 120 when I made it (and it was trivial). Also it does not give the white blade look on the avatar that the regular velium weapons. Hmmmm makes me wonder...
You can find the recipe for this and other forged weapons (among many, many other things) at the EQTraders web site: <a href='http://www.eqtraders.com'>www.eqtraders.com</a>. Use the menu on the left to search for Recipes|Smithing