Steel verses Alloy...again

[Cfin]

I know this has been covered down the forum alittle, but I have been put in the same position in respect of a drag engine we are getting together.
However in my case, I already have two sets of rods sitting on the bench, some used Lentz rods weighing 745 grams and a new set of Manley "Nitrous" rods weighing around 570 grams each. There is a huge difference between the weights of the two and the heavier rod will be much easier to balance with the crank I have.
At the end of the day, we are after performance....but can anybody shed any light on what the performance difference (ET) may be like between the two? I'm thinking IF it is worth, say 0.050 et with the lighter rod, I'm probably better off not spending the extra dollars on balancing with the type of racing we are doing and go with the more durable steel rod. The stroke is only 3.40", peak hp should be around 700 @ 8000rpm and current plans are for a 200 to 300 shot of nitrous.
Any opinions/knowledge greatly appreciated!