If the weight savings are only 2 or 3 pounds, I can't see myself feeling that difference on the streets. As already mentioned, I'm sure the the difference would be noticed on a race course as you're pushing the bike to it's limit in that environment. I have two other faster bikes anyway so this build is not as much for performance as it is for style.
To me the advantage to steel rims are that they stay shinny without any added work and have the classic look. The disadvantage to me is that I'm very limited to the sizes available and can't seem to find a 3" rim for the rear. Spoke selection will also be easier with steel rims since I'd be able to order stock replacements in zinc, SS, or chrome..
Alumimum rims are lighter, look a tad bit more modern and look stunning when polished. However they are much more expensive, likely require custom length spokes, and require alot more maintenance to keep looking good...
Do aluminum rims have a locking lip? If you seal the nipples, can you run tubeless?? If they can be run tubeless, I see that as an advantage but I doubt its a reasonable option without some experimenting and likely some leaks...
Is there anyone that has found steel chrome rims in 18x3"