Let me throw in my disclaimer that I'm a motorcycle guy and long time motorcycle racer, but not a car guy at all, and have only recently discovered how fun cars can be (starting with a miata about 5 years ago). So my car experience is very limited and maybe I totally misguided on this.
As I have started looking into new wheels for my FIST, I was surprised at how often aluminum wheels seem to get damaged. That's what got me thinking about steel.
Regarding steel vs aluminum for structural purposes, obviously they have different qualities, but for years in the motorcycle community the consensus was that aluminum would give you a stronger and lighter frame. Well, that turned out not to be the case, and European manufacturers that stuck with steel now make considerable lighter bikes than their Japanese rivals, in part due to lighter steel frames.
I am well aware of the effects of unsrpung weight from my experience with motorcycles. That's why I gave the example of steel alloy sprockets that have far greater durability than aluminum sprockets, but are very nearly as light. They also cost more, but the greater durability makes it will worth the cost.
As an example of steel wheels that seem like they would be plenty strong, with comparable mass to aluminum wheels, check out the Aero Racing page. Am I missing something entirely? I would think wheels built for those conditions would be plenty strong for street use. Does anyone make wheels like those that would fit our cars?
I can only repeat myself - your quest of "strength" because the wheels seem to get damaged easily is a peculiar pursuit. Damage is a result of plastic deformation of a material, which is to say that the stress imposed by say, an impact against a curb, exceeded the material's yield strength. To that end, aluminum alloy commonly used for "alloy wheels" is 356, with the T6 heat treatment. That gives it 20 ksi of yield strength and 30 ksi of ultimate tensile strength. Modern steels, like 955X used for automotive wheels, have 55 ksi and 70 ksi of YS and UTS, respectively. The higher the strength, the more material is resistant to deformation (and has higher hardness, too). So, technically, you can make a thinner steel wheel that would, for the same x-section, have the same strength (that is, will deform at the same imposed stress).
But, steel is 2.5 times heavier than aluminum, presents manufacturing challenges, subject to corrosion under atmospheric conditions (hence the paint or powder coat), and has aesthetics-related issues. As I noted before, my anecdotal experience indicates that Al wheels are not overly prone to damage - this is to say, that if I damaged my Al wheel by hitting a pothole, I would have likely damaged the steel wheel as well.
Your examples of steel frames and steel sprockets are not directly applicable - the frame of a bike (just like that of a bicycle) can be made from high-strength steel (higher than the 955X), as the form factor is not that of a wheel, so HS tubular goods can be easily fabricated (it does impose considerable onus on the quality of the welds though). The types of steels used for that are plentiful and can be heat treated to dial in the desired mechanical characteristics, such that the YS and the UTS are far greater than the strongest aluminum alloys used in the aerospace industry. [On a side note, whereas I am aware of the "reversion" for the HS steels for the bicycle frames in the 90s - from aluminum alloy, it would seem that carbon fiber is the material of choice, so it is rather odd that the motorbikes are using steel...]
So, given the above, and factoring in the cost of fabrication of a HS material (meaning - expensive), steel wheels are not a common choice. The ones that are out there are heavy, and affect the car's driving dynamics. Aero Racing offers wheels that are sized up to 15"; most alloys start there. And, for a 15x9 steel wheel you are carrying about 5-6 pound penalty, so for 4 wheels (not 2 -
), you are looking for 25 more. Now, for a street driving that may not be much (although you will be paying more for gas), but for a track - that's substantial. And, you bought a FiST - which means that you want a light car, with a good lb/hp ratio. Hence the question - why would you want to make it heavier?