I have put it in the sunset mountains. as one of the former, and last to exist, oghrann empire. fits the story quite well for me. Oghrann was overrun and they hid there to rebuild but were found. But might of orc-tribes broken by cormyr, and now current sit as in adventure.
Forge of Fury can fit practically anywhere there is or was a dwarven presence.
I had it in the Thunder Peaks the first time for a Dalelands campaign - west of Mistledale - and I'll be using it in either the Sword Mountains or near Mount Hotenow in my post-Spellplague 4E campaign.
Like most published adventures that I used, I don't formally convert it. I use the maps and the basic ideas and then "wing it". That said, like almost everything written by Rich Baker, it is excellent.
Cheers D
NB: Please remember: A cannon is a big gun. Canon is what we discuss here.