Maybe with caliper brake blocks made from disc brake material, as they seem to work OK on steel?
I was thinking more of a disc-brake-specific steel rim, but that's a good point. Presumably steel rims share some of the same advantages/drawbacks of steel frames.
In fact why no titanium rims?
@frankenbike started
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Maybe with caliper brake blocks made from disc brake material, as they seem to work OK on steel?