I'll forge ahead and cast my thoughts on the matter. Iron pistons, steel pistons, or something else?
Food for thought:
5.16.2 The restrictions in Article 5.16.1 (permitted materials list) do not apply to coatings provided the total coating thickness does not exceed 25% of the section thickness of the underlying base material in all axes. In all cases, other than under Article 5.16.3(b), the relevant coating must not exceed 0.8mm. Where the coating is based on Gold, Platinum, Ruthenium, Iridium or Rhenium, the coating thickness must not exceed 0.035mm.
So other than those last elements listed, a maximum 0.8mm coating of any material can be applied to the pistons.
The formula may point priorities away from reciprocating mass towards optimizing friction. Piston, pin, retainers, and rings, assembled, cannot weigh less 300g. Steel or iron could permit, as has been discussed, a thinner cap and a longer connecting rod, reducing side forces on the skirt.
Article on steel pistons:
https://www.cycleworld.com/2016/01/14/s ... re#page-13
And one on iron pistons, from 1925
:
http://archive.commercialmotor.com/arti ... or-pistons