Hi Chris,
In principle, yes the cast iron weights should be OK, although the quality of the CI may not be top notch and you may encounter cold spots and blow holes. But in general it's well worth a try – I've used old CI weights (from weighing scales – and they were perfect) and old-style flat irons (quite a few blow holes). But small holes you can fill with JB Weld and sand over if the part isn't critical. For a back-plate, it's worth trying.
There are two camps with regards close registers (or not) and maybe that depends on how confident you are on the chuck (no disrespect to Arc). I made my two ER chucks (for different lathes) just a little loose and then clocked them true. I still check them from time to time and they haven't moved but then I'm not hammering them. I know others here prefer a close register fit.
As a thought, why not try for a close fit on the first attempt and check it for truth. If you are not happy with the run-out you could then take another cut for a looser fit and clock it in? That way you can decide what is best for your chuck. If your backplate has some meat on it, you can always machine the first register off and try again.
Regards,
IanT