Yes, but ore multiplying is like buying something on sale or getting a rebate - it has the *feel* of a discount/bonus.
As it is, the cat is mostly out of the bag on ore multiplication and it's not going to be easy to put it back in. Not all mods rely on ore inflation for their recipes. Like you mentioned, steel is one way. TE3's Pyrotheum and Enderium is another example. And, some mods like Thaumcraft are almost entirely unaffected by it. Its scarce currencies are primal aspect shards, research points, Vis, and time spent.
Ore doubleing/tripling/quintupling/etc.,. is pretty much old hat, i.e. soooo...2012. I can't think of a recent mod or modpack that's balanced around vanilla metal ores such that it would be completely unbalanced if one were to have 1x ore multiplication vs. 5x ore multiplication.
The best example of an older mod that was balanced around roughly 2x ore doubling of vanilla ores with vanilla ore gen is Forestry. The tin and brass (copper + tin) requirements were steep enough that you couldn't build your first farm 30 minutes into the game, but not put so late that it took a month before you had your first farm up. Also, the special blocks for the Alvearies like the Alveary Frame, Rain Shield, Lighting, etc.,. require a fair amount of gold. Just the right amount to put it in mid-game for 2x ore multiplication with vanilla ore gen.
IC2 and Railcraft with all their iron requirements is another example. But, those are older mods that pre-date ore multiplication beyond 2x and ore gen using CoFH. Or, in the case of IC2 Exp. for 1.6, they only consider IC2 Exp.. The iron balance and pretty much the entire IC2 early-game grind is nullified by Mekanism and RotaryCraft.