I duck hunt on big coastal water and understand the dilemma. Most of the no-tox is so expensive it's only sold in 10 round boxes . . . I am guessing you want to load 50 rounds.
Here is my take after looking at the landscape for a while:
Rio Bismuth shells. At about $2 per shell (when on sale), I can't buy the components that cheap if I wanted to handload. The patterns aren't the best (a lot of fliers) but I don't complaint. However, they are only available in full strength or magnum loads. I think the current price is about $2.20 per shell.
Bismuth shot. You're looking at $1.55 per shell in just the cost of the shot. https://www.precisionreloading.com/cart.php#!l=BS
ITX. Pretty sure this is handload only. There are lots of light load data available (although there is a real lack of heavy loads for it, unfortunately). And it's supposed to be soft enough for old barrels. It is not as good as lead; but it's certainly better than steel (regarding downrange energy). I've been strongly considering it, but have never used it. The cost is basically the same as Bismuth is currently.
Nice Shot. Other than lead, the gold standard as far as I am concerned. Pricy though. And the website is currently broken so you can't order any more. You can buy already loaded shells from RST. For $75 per 25 rnds (or $3 per trigger pull).
I would love to see a load for $1.50 per round or less but I'm not holding my breath.
All my research and recommendations are for post-1930 fluid steel guns though.
Last edited by crazyquik; 05/21/15 09:46 PM.