I partially like the idea.
The idea that the world could have randomly generated alloys is cool. The idea you could, potentially, add to the list of alloys is cooler.
Averaging stats is lame. Why would I mix steel with anything, when its almost always going to come out worse than plain steel?
The chance for something to deviate should be fairly high, and it would be nice if it deviated in a pattern. Rather than a few random stats changing in either direction, we should see patterns that make sense together. They also need to have appreciable differences. I'd be very upset if, after hundreds of bars of testing I finally find an alloy of steel which is superior to normal steel, by 3%.
The way I see it, the default allows would remain in game, during world gen civ's could discover a new alloy. When a new alloy is discovered for the first time, its raws are set, and only civ's with knowledge of it can create it. Each new allow would have to deviate by an appreciable amount, say 15%-35%. If another civ were to discover the same alloy through the same reaction, it would be given access, no new raws are generated. I would add a possibility for quality modifiers, which would increase its natural deviation.
If done intelligently, it would add the possibility for making different worlds play differently, because they could end up with different metals. Assuming only existing metals would exist is lame, this is fantasy. Procedurally generated stuff is the future of DF, and its worth a discussion.