There is a mod for Meteoric Steel that works quite well.
I use it to make the falx and armor, but otherwise stick to normal steel for the rest of our tools. (Though I did make an Uber-shovel, axe, and hoe for big jobs).
I make us each one set of tools with Meteoric Iron, but otherwise only use it for a few lanterns for myself, my elk, and my sailboat. The rest get turned into Meteoric Steel.