Great idea, I could have used an iron head for my 603 job last year. BUT the only agreement I can make is that weight should not be a significant issue.
Who will bankroll this? You need a steel mill to forge the head don't you?
Set up fees for that plus the presumed computer program to cut the thing are going to be very costly.
I think the market for these heads is too small to support the concept. Unless you had credibility and have produced good proven heads before and could convince an outfit like WorldPac to stock them. Otherwise I doubt you could even reach break even. Its all in the numbers, as part of a market study you need to know the number sold in the world and whether the aluminum heads could drop in price to effectively kill your market (very possible, I think someone is making a few bucks on these at $2K per!) but I doubt that Daimer Chrysler is interested in the slightest in investing in iron heads, probablky have made an investment in the casting molds for the aluminum ones, they probably own them and allow a metal casting co to use them.

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'95 E320 Wagon my favorite road car. '99 E300D wolf in sheeps body, '87 300D Sportline suspension, '79 300TD w/ 617.952 engine at 367,750 and counting!