Before everybody goes nuts for "Phenolic" pistons, a history/engineering class might be in order.
The "Phenolic" piston is the offspring of the "Phenolic" puck or insert of yesteryear.
"Phenolic" is an insulator, and was used to combat the severe heat generated by heavy racecars. The old fashined method was to fab steel pistons with a relief or allocation for a "Phenolic" disc that would be in contact with the brakepad. This would insulate a portion of the heat from effecting the brake fluid temps- all this "Phenolic" was for, was to combat "fluid boil" and the like.
"Phenolic" is a totally generic term, and to an engineer, the word by itself means virtually nothing. In my shop alone, I have 4 different grades, each with a purpose.
We have peanut horsepower bikes, so the use of "Phenolic" gives you no real advantage. "Phenolic" is considerably cheaper than stainless steel typically, and it machines way faster.
Typical "Phenolic" heat figures are 260-275F and maybe intermittent to 780-800F (but only for certain types).
Run "Phenolic" if you like, I prefer good ol' stainless steel for a 70's bike. Modern stuff? A whole 'nother thread.