Yes, the end of the bowsprit is a good place to store anchors... but not so good for the lead. In calm inland waters it works fine on my boat, but when any serious anchor holding is required we are lucky to have a hawse on both sides of the bow through the steel bulwark. That way we can lead the rode to a heavy steel samson
post in the foredeck.
It can get tricky however retrieving an anchor in rough seas and getting the rode back up to the bow roller to store the anchor. Sometimes a secondary line hitched to the anchor rode is needed. All in all I am happy with the system.
As for ferrous metal I love it. I will never own another boat that is not steel. You are correct that accessibility is key to using steel. The design and installation
of all components absolutely has to include one of the following:
1) All surfaces must be accessible for scraping and painting.
2) All surfaces must be protected from water
by welding an area watertight.
When possible we choose to weld things on rather than bolting. Any two pieces of steel bolted together will rust and will have to be separated at some point to facilitate painting and scraping. There are almost no exceptions to this rule