Cast iron has always been used for backplates,probably since chucks as we know them were invented,most backplates have a smaller diameter boss to contain the thread plus a lot thinner larger diameter to take the chuck,so if a steel sawn blank is used a lot of material ends up in swarf whereas with a cast backplate there is little material waste,cast iron was also cheaper to produce ,and there were lots of foundries in this country.Steel was more expensive as there were far fewer sources of manufacture.And in the days of carbon steel tooling and HSS tooling it was easier and quicker to produce components in cast iron,just think about it threr were no HSS hacksaw blades to cut off thousands of backplates ,Think how long it would take to cut off the blank for a 12 inch chuck.The ability of cast iron to absorb vibration may have been effective on very large backplates ,but on our small machines I would think that the material may not matter though having worked a lot with cast iron I would think that the steel spindle with a cast b/plate is less liable to "stick".Nowadays with fewer foundries ,availability of mild steel with short leadtimes .high speed manufacture with CNC and new cutter material ,for smaller batches of say 4 or 5inch backplates for the hobby market there is probably little advantage of cast iron over steel. I like machining cast iron,did a lot during my apprenticeship,though if machine tols are not kept clean severe wear can occurr particularly in the days before hardened bedways were available, I have seen the bedways on a worn plano mill look like a piece of wood or chair leg that has been scatched for years by a cat,