For what it's worth: I just repacked my Emgo reverse cones this past weekend... with stainless steel wool. In the 2 years I've had 'em on they've burned completely through two sets of fiberglass in short order (spent most of my time riding with no fiber, just stupid loud).
The steel doesn't work as well as the fiberglass, no question. HOWEVER... it's a damnsight better than no packing at all, and it will last more than half a season.
I'll keep y'all updated on any changes/problems/benefits.
--Jaeger