No... this is worse than existing materials.
Density is only helpful for bludgeon weapons, and those don't need strength and we already have dense metals. And strength and edge holding isn't any better than steel if it's as strong as steel, BUT the density (which isn't helpful for those weapons) only makes it heavier and slows them down.
As strong as most modern specialist steel, means a lot stronger than in game steel, double the strength in many cases actually, also, while it is a weapon metal it is mostly aimed to be a trap weapon metal, because traps don't tire, yeah I know that currently the weapon traps are very cheaty in that they will always be able to reach the same speed regardless of weapon and mass but this will hopefully get fixed, also it is likely that the crossbows and bows will have some sort of lookup too.
Using over 100 individual reagents is not good for the worker: He will carry them slowly to the workshop, after a while get hungry and thirsty, still carrying, then cancel because he needs to eat, drink, or sleep.
The biggest singular reaction is currently at 13 components (and is only done once), not over a hundred, but it still may be to much and I've thought about toning it down, but it is probably hard to reach perfect size without testing it.
Corridor of ten weapon traps is OP (over-powered), so do whatever you want with the new metal. Consider making the required workshops harder to make, like
"building a SMELTER2 requires four of the TOY called XXXXX"
Do you already have White Bronze aka Cupronickel, it is a real-world alloy. At least two other mods have CuNi already.
Have thought about making the workshops harder to make, I want it but I'll see if it has to much of an impact on playability.
Cupronickel is not something I've had thoughts about, but maybe I will
Lastly, after summing up the minimum cost of components (if you don't have access to magma), the cost goes up to a material value of 261 per bar of alloy (as two will be produced), I'm thinking that the work put into it should make it more worth than adamantine (which is at 300), but then again adamantine seems very overpriced, it is not uncommon, and unless you are new with adamantine processing you will probably not have much trouble with the hidden stuff, which sets the per bar danger very low.
Anyway, thanks everyone for taking the time to answer, I'll probably post a flow chart later today.
Edit: Flowchart
Where two skills are listed I haven't decided yet which to use. letters in parenthesis are: W = should require water, E = Probability of Toxic Material Emissions, X = Risk of fiery death
/Zorbeltuss