As RogerS says: width to height ratio is important: if it's wider than tall, you may have to use lead otherwise you won't have the space (the weight may end up too tall for the weight box). Let's see:
Density of lead: 11.342 grams per cm^3 (approx 88cc/kg)
Density of iron: 7.874 grams per cm^3 (approx 127cc/kg) (
source)
Steel will be slightly lighter because of the carbon content.
Weigh the sash (the glass is significant, more so if DG) and divide by two to get an idea of how big the weights need to be.
HTH,
E.
PS: If you're going for balancing perfection, you can use penny washers to fine tune the weight (and small lead/iron weights are available for builders' merchants), BUT, once balanced, tie them together with some copper wire looped through the middle (steel garden wire rusts through!). Otherwise if the cord breaks they'll go everywhere.
If I'm on my own, I use small wooden wedges (rounded over, not squared-off) to jam the cord and pulley each side with the weight at the top of the box (wedge into the pulley over the top of the cord), so I can fit the cord to the side of the sash.
For each sash, I mark the tensioned cord with the position on the exit of the pulley with the weight just touching the bottom of the box and subtract about 1". This gives the max. length of cord (at the point the pulley stops on the side of the sash when at the top). The cords stretch, and it usually stops the weights bottoming (most annoying with the outer sash). I haven't done one for a while now (present house is all casement), but last time I used it the artificial cord (Nylon?) stretched quite a bit more than the traditional stuff.
PPS: In the past I've used laminated glass in ground floor windows (inner sash only), with some success. It's heavier than standard, but nothing like as bad as DG, and is a slightly better insulator (read "slightly worse conductor of heat!"). We had burglar problems in the area at the time, and thin DG units weren't available to me. I know the rules are tricky now, but it might be a last resort (although if you've already made the sash...).