Kagus, that particular idea is part of the project I'm thinking about.
Base iron can be "infused" with the essence of valuable gems (value 40 and up), providing bonuses to attack, defence, or making the material lightweight or specific to making ammo/weapons/armor. Heated and cold materials are also available.
From that infused iron, steel and other alloys can be made, that retain the properties.
So far I've run into several problems.
Firemetals burn through pretty much anything very fast. A special "guard" alloy with a fixed temperature in the normal range, used for armor, doesn't negate that for some reason. I guess the system is more convoluted than I hoped. Maybe the frost-metals will do it, but you'd have to do some wild microing to get the dwarves put on just one gauntlet of frostmetal, and get the firebrand sword in that same hand.
I haven't yet been blessed with a graphite fiber quiver, so I can't test the feasibility of firebrand arrows. So far they just incinerate all clothing on the character within 10 steps.
After I've sorted the stuff, however, all those metals will be marked deep, so that they don't spontaneously appear in adventure mode.
Current names of the alloys:
Iron+Ruby=Crimson Iron (140/40 balance shift)
Iron+Star Ruby=Blood-Iron (180/10 balance shift)
Iron+Sapphire=Thunder-Iron (60/130 balance shift)
Iron+Star Sapphire=Storm-Iron (30/160 balance shift)
Iron+Diamond=Clear Iron (50% weight, 8% boost)
Iron+Red Diamond=Searing Iron (2500 deg. costant temperature, 130 damage)
Iron+Green Diamond=Flight-Iron (33% weight, 140 damage, ammo only)
Iron+Blue Diamond=Frigid Iron (-250 deg. constant temperature, 140 defence)
Iron+Yellow Diamond=Guard Iron (180 defence, 80% weight, armor only)
Iron+Black Diamond=Death Iron (160 damage, weapon only, very narrow temperature thresholds)
Plus the derivative alloys of iron.