Hi Ken,
rotors for GP watches with steel cases are usually made of brass plates with nickel or rhodium plating; it´s most likely not a steel part, just that the colour is very close.
Steel watches don´t come with ceramic ball bearings, but these can be retro-fitted as well as a solid gold rotor made for it. Both requires the watch to be worked on, for which it is best to get in touch with your local/regional GP dealer.
Ceramic ball bearings do have many benefits, but if it works fine for you i´d not suggest to change the rotor bearing.
The apparent advantage in day-to-day life most likely will not be that exceptionally great, unless you choose to have a very heavy rotor installed (such as those made in gold or platinum). Therefore the costs of changing the movement may not equal the practical benefits over time.
But as said, for specific details on possible conversions or modifications it will be best to get in touch with a GP-authorized dealer.
Cheers,
Peter