I would expect a designer to use one to lower the center of gravity for the lighter iron keel. But lowering the ballast would work with any material - as long as it stays attached to the boat.
Shemandr, That is somewhat true. When a keel is designed, the weight is not the only consideration. The area of the keel (planform) has equal importance as it provides lateral resistance. The combined planform of the keel and rudder and the optimum weight of the ballast go hand in hand. You don't want a keel with such a small planform that it can't sufficiently resist leeway or point well. That's where the advantage of lead come in. For instance, if a designer wanted to design a keel with 15 square feet of keel planform, he/she can use cast iron or lead. If using cast iron, the design weight of the ballast would be adjusted by the shape of the keel foil. (the thickness) A fatter keel foil section would have to be used if the design had to be limited to 15 square feet and meet the design weight and draft requirement. Another option would be to add a bulb which adds wetted surface area and increases drag.
On the other hand, a lead keel with the same planform would allow the designer to lower the center of gravity by designing a stub into the hull structure because less volume is needed to achieve the same weight as a cast iron keel. If a lead bulb of the same proportions as the iron keel was used, the benefits are again helping to lower the center of gravity.
Oh, not keel stubs, sorry, I wouldn't own a boat with a keel stub. I 'm real glad that my keel bolts directly to the structural grid of the hull, not a molded fiberglass appendage of unknown strength. The construction is complex, and prone to design and construction error. Why, to get the ballast a little lower?
Gunni, Many thousands of boats are sailing today with keel stubs. There have been a small number of problems with boats designed with and without stubs and to my knowledge there is no evidence indicating that one design is structurally better than the other. Lack of maintenance, groundings and poor construction techniques are probably the most likely causes of failure. I respect your choice when selecting a boat but I would not consider the keel material to play a major role in the selection of a boat, (although I do have an obvious preference)
I feel that the build quality, the reputation of the manufacturer and the long term care the boat has received in the past deserve greater consideration. Stuff happens, even to an Oyster. To each their own!