Assuming that we're talking traction engines running at a few hundred rpm the forces involved in reversing the direction of the piston at the end of each stroke are not that high, even with a solid cast iron piston. I would agree with JasonB on the clearances, but personally I would not be happy with the resultant rattling fit.
So just to be different I have designed hollow cast iron pistons for my 4" scale SCC engines. As a flavour here's a screen shot of an FEA analysis of one half of the LP piston:
![lp piston part b - z displacement.jpg lp piston part b - z displacement.jpg](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
The hollow LP CI piston is actually slightly lighter than an equivalent solid aluminium piston.
Regards,
Andrew