Quoted:
So then forged is considered to be better quality and stiffer than billet?
Aren't the tolerances much tighter in a cnc'd billet lower and/or upper as opposed to the forged?
That depends on the billet.
A billet can be drop forged or it can be a raw casting.
Most people aren't aware that even forged components start out as castings.
A casting that has been drop forged into a billet, then reheated at a later date and reforged into the basic shape of the end product is known as double drop forged.
A billet that has been machined into the end use item requires many more machine hours than an end use item that has been machined from a basic shape.
Tolerences are incorporated into the mechanical drawings and the blueprinting so the tolerences of a machined billet may, or may not, be tighter than the tolerences of a machined forging, that all depends on the specifications set down in the blueprinting.
In theory and practice, the dimensions of a fully machined billet COULD be set tighter than the dimensions on a drop forged basic shape in some areas because you are cutting all areas to shape instead of relying on hammering many or most the dimensions to shape.
What this means is cleaner, machined lines which may, or in most cases will not, affect the performance of the end use part.
Double drop forging is a preferred method because the structure of the material is much more uniform that what would be found in a simple cast billet and this means much less chance of warping or stressing during the heat treating of the basic part.
Parts made from plain cast heat treated billets that are then machined usually need to be reheat treated to relax the material after machining to avoid stress warping.