I once chiseled a 1" square hardy hole in a stake plate. It took about 3 months. It can be done, but there are few resources on the Internet telling how to do it. It seems that in the old days, most chiseling ("chipping") was done on cast iron, which was substantially softer than the steel you are probably trying to use. From what I read, it is important to hit the correct angle. Too steep, and the chisel digs in. Too shallow and it glances off, and you make no progress. Try to keep the chip going, and keep it small and thin. Sharpen the chisel as soon as it gets dull, otherwise you are wasting time dinging metal. Also, if you are hitting the chisel hard enough, it is going to produce a lot of noise. Unless you can control the noise, it will make neighbors mad. Hearing protection is a must. Unless the slot is small, I would recommend doing it hot, or making a tiny belt sander that uses 1/2" belts. This will be a lot easier. This kind of hammering can lead to repetitive motion injuries. Do not do it in long stretches, else you will become incapacitated for weeks. Do a little every now and then, and it will give you plenty of time to think about it. After a few weeks of pounding, you will want to check out an Alec Steele video and do it hot.