It can kinda work. If the notion is that you make Magical Material Lead by, say, taking normal lead and pumping a shitton of Essence into it until it becomes denser and denser and denser, you could end up with some kind of really tough and heavy material that's now a pain to work with and also brittle. In the first age, this conversion was done while forging the end product, in specialized Factory-Cathedrals. In modern Creation, most forging uses pre-existing supplies of Magical Material Lead, either melted down and reforged from old Artifacts or mined from veins of lead in areas saturated in Essence for long periods of time, like around Dragon Lines.
In terms of names, I kind of like Nullstone given the above explaination, with this Magical Material operating more like petrified trees than the actual metal. It works given the properties of the substance, and kind of contrasts with Jade (and Soulsteel).