Yes, you can shoot steel with a lead modified choke. Once steel became mandatory it was very common to ream out full chokes to modified. Advantage of choke inserts is simply that some guns like more or less choke - seems to depend on the load a lot more than it ever did with lead. Higher velocity steel loadings appear to pattern tighter than slower loads which jives with what we'd found years ago, that faster burning powders usually had the same effect with lead shot. I shoot steel all the time in my 10 ga O/U and it has full chokes - but the 10 ga full on this one mics the same as a Rem with a modified (lead) insert.
Here's a table of barrel constriction - you can use your calipers to determine choke.
.000 Cylinder
.005 Skeet
.010 Improved Cylinder
.015 Light Modified
.020 Modified
.025 Improved Modified
.030 Light Full
.035 Full
.045 Extra Full
.050 Super Full