I have one of the first cars to have a factory fitted steel sprocket. Everything running ok after 1700 miles.
However last week whilst driving at crawling speed through freshly laid loose chippings I heard a crunch. A piece of stone had obviously got mashed. I haven't been able to detect any abnormal sound so assume all is ok. Very pleased I didn't have a aluminium one when that happened!
As for the weight I really couldn't care less adding a few pounds. With a 2 litre engine up front it shouldn't be an issue in any case unless one is trying to eek out every little bit extra for racing etc.