Ni-Hard (which was the Canadian version of Chrome Iron- a hardened alloy within 600-700 BHN)is about 2.5-3 times as expensive as cast iron.
It can be cut, machined, ground, etc. as long as it is annealed before it is machined. It must be reduced to approx. 300-400 BHN in order for it to be machined with "everyday" carbide cutters. We use Acme as well as standard UNC threads (both blind and through taps)in our High Chrome, but after the part is hardened, the threads need to be chased (which can be a pain during assembly). Tapers are also somewhat manageable in the annealed state, but a good machinist can do it.
On occasions, such as a sealing face, a skim (finish) cut may be required, especially when teflon or other harder gaskets are required.
Costwise.....if you are replacing your cast iron part 4 or 5 times a year, the high chrome (or Ni-hard) may be beneficial. The cost may be higher at first, but after looking at it in a labor and shut-down state, the extra $$$ may be worth it. Jack