Hello Chris. I understand some of the objectives you're trying to accomplish. I'm assuming you routinely only use about half your backgas, and are using cheap (floaty) Al80's.
I also assume you're refering to the Worthington X8-119, since the PST's are out of production right now.
Weight: Correct weighting is often quoted as neutral at a safety stop w/ 500 psi. As someone who quite often dives with deco obligation (which this monster cylinder certainly will allow you to unknowingly get into) I can state with certainty that "correct" weighting is neutral, at the surface, with an empty cylinder, and empty BC.
So, assuming that you are correctly weighed, switching to this cylinder from a cheap 80, you'll be removing 6 to 7 pounds from your belt. For me, this means I'd be going from 18 lbs in my 3mm to 12 lbs.
This has consequences during the dive, though: how big is your BC? For example, my Pro QD has 31 lbs of lift. My camera is about 4 lbs negative. The gas load in a full 119 is about 9 pounds, and the cylinder is 2 lbs. So, if I start out the dive with a trip to 90', where my wetsuit is squashed flat, my total negative weight will be 9+4+12+2, or 27 lbs. So, my BC will be 80% inflated just to stay neutral. And, this may exceed the lift of smaller BC's.
If you are diving shorties, and your wife is petite, it is possible that her lead (right now) is less than 6 lbs, and switching to the 119 will place you in negative numbers.
There's other things to consider, as well. Assume, while at depth, my BC bladder fails. Or an exhaust valve fails. Regardless, I now have no floatation. Fine, I ditch my lead, and (sadly) my camera. I still have to swim up 11 lbs! (gas + cylinder) This is harder than it sounds; throw on a 10 lb weightbelt in the pool and try to stay at the surface. I would reccomend this little exercise before switching to these tanks. It's this nasty little problem that has deco divers, using wetsuits, either using AL cylinders or double-bladder wings.
Beyond that, there's the plain issues of wrestling a 12 lbs heavier BC into the RIB after the dive, or if you can get a reliable fill to 3500 psi. The issues of steel rusting, if you take care of them, I haven't seen a big problem.
Personally, I dive with the smallest cylinder(s) that fits the profile. I do a lot of diving with an AL50.
They don't call these "water heaters" for no reason......
All the best, James