Dear tred25,
Nice question.
I would choose SS 304. Its density is twice that of Ti, so the size of the SS hammer would be half of the Ti one (as they have to be of equal weight).
SS is also cheaper than Ti (maybe half the price)
Compare the mechanical properties like Yield Stress, elongation, etc. you would find SS 304 much superior.
Suggested reading: Hadfield steel
Regards.
DHURJATI SEN
Kolkata, India