I would think that the cost is the other way around. There is a gigantic market for steel balls, since they can be used for ball bearings, and there are zillions of manufacturers.
Trying to develop a custom manufacturing process for nearly perfectly round rubber balls sounds expensive, and the market would be limited to you alone.
The material development effort alone will probably swallow any potential cost savings. It's not just the seal but also the set. Steel balls will never develop any memory of the seal surface, certain rubbers will set into the sealing surface and retain the seal's imprint, which can later cause problems. You need to balance the chemical and physical properties to get a duplication of the steel ball's overall performance, so your choices are limited and probably not off-the-shelf.
TTFN
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