Don't worry, lead isn't that toxic. It takes a lot more exposure than the occasional handling to get heavy metal poisoning from it. But yes, odd to use lead as a weight (or put a weight in, perhaps it's a heat-sink?) it's fairly expensive. It could be a lead alloy which makes it more malleable, though a small peice of pure lead like that I'd expect to be easily bendable, but not compressable like clay.
$2k/ton is not that cheap. Granted, it's cheap enough that it's not going to be an issue in these quantities, but it's the same price as the notoriously quite expensive aluminum, and twice what coil steel is worth: https://tradingeconomics.com/commodity/hrc-steel
I stand corrected! At least in terms of the commodity price. A product made from a raw material can become relativly cheaper through mass production or bulk buying. Also factor in weight re transport costs etc. I've always had the impression that it had a good value, if not mega pricey, at least in a way that made it unfavourable for uses like this.
I’ve used lead quite a bit for various things. It’s “soft” for a metal, but it is nothing like clay and is not “squishy”. It is relatively easily bent and will take a rubber hammer to easily form to shapes. I really can’t think of a material one would encounter in daily use that is comparable to the malleability of lead. So “very soft”, yes, but it is metal.