There's a lot of experience represented here. Here's mine.
I was standing on the Ready Line at a ML match held on a formal range with sheds and tables. One of the events was a Split-The-Ball match at 25 yards. Sadly, the host club had created a special target ... a single-bit axe blade with the back welded to a flat steel plate which was about 9 inches long -- roughly 4 inches on either side of the axe. This rig was then mounted on the face of a cut log section - Oak.
A couple of us didn't like it and but the range officer said they had decided it was okay, so we chose to sit that one out and were standing a few feet to the left of the match area and back behind the ready line. When one of the shooters took his turn he missed the axe head and the resulting flattened round ball ricocheted almost straight back, passed between the shooter and where we were standing, and hit a spectator in the face, knocking her down. It missed her eye by a fraction of an inch and did not penetrate her skull, largely because it hit flat. She suffered no lasting damage, reported a serious headache, and probably still flinches at loud noises.
I've shot ML steel silhouettes from 50 yards out to 130 yards. They tip over when hit and ricochets go downrange. Closer than that, or not mounted so that they yield when hit, you can take your own chances. I'll pass.