If you are prepared to put in the time on the maintenance, go for it, a wooden mast if properly built will serve you well. Galvanised rigging only requires a treatment every 6 months or so, with linseed oil (raw) and petrol, the petrol just carries the oil to the core of the rigging then evaporates off, leaving the oil well penetrated in. There will be a weight penalty I suppose, but that can be an advantage, in that it does help to dampen the roll a bit, but it depends on the type of boat you have?

By the way, the posh yotties on here with there pristine white bits of plastic fantastic, with probably be getting a dose of the shudders at all the above!