I think one should have some experience with domestic V-8 engines and their nylon toothed cam gear driving chains. Not only do the nylon teeth disintegrate, but the chains stretch terribly. Find someone with an original 1967 302 or 327 or whatever, and see if the timing set is original.
Certainly the fiber gear was used for ease of manufacture. Volvo said the steel gears were noisy in their Competition Service manual, but all of the steel ones I have installed, new or used, are quiet enough to be unnoticeable.
So it seems cost was a factor, rather than noise. I can't think of any gearset that could drown out the valve lash noise anyways.
There is a great deal of myth about Clark. He was an outstanding driver, no doubt about that. But Chapman's quest for "simplicating and adding lightness" was directly responsible for Clark's death. Something broke, big time, that day.