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The answer to your question is yes if it's heavier then you'll sacrifice a few yards but no telling how much since it really depends on the weight difference. The question I would have is how much heavier is the total weight of the club with steel vs. graphite?

Well, I wasn't thinking of going to a steel shaft in my driver, it was just that shaft in my 2h that got my wheels turning.
I've gone from a 59g to a 65g and am now thinking of going to an 80g.

Just be cautious adding weight to the driver. The impact of going to an 80g shaft from a 65g shaft can be dramatic. I'd find a fitting cart before I made that move.

Interestingly enough, when I went from 72g to 86g, I saw no increase in accuracy, just a decrease in ball speed. Now I've gone down to a 66g PL Red, and it's the most deadly combo of the bunch. Getting the right driver shaft takes one of three things - 1) A tour van with TrackMan, 2) A long expensive period of trial and error OR 3) dumb luck. Good luck Dave!

Well, I kept hoping for #3,but #2 is how it turned out. And if I just went the #1 route, I'd have the right shaft and saved some money. I think im going to pull the trigger next season and just get it over with.

True that.

I just went from a 55g shaft to a 70 g shaft with a bit stiffer tip. lower torque. The difference was dramatic as far as accuracy. Plus I cut it down to 43 1/2 inches. The end result is I'm now 15 yards shorter off the tee, but hitting virtually every fairway, and for the first time I can actually hit a draw on command. Something I have never been able to do. I think 80g may be too much weight. JMO.

Weight is only one aspect of the fitting formula so is flex so is the swing weight, length ...........
In my earlier days, I thought a senior flex should fit most of the senior golfers, but one golfer brought his favorite driver to me for duplication.

The shaft was a heavier shaft with D-6 swing weight and tip flexed. So the shaft felt heavier but more whip in the tip, you see he had R.A. which caused swelling in his finger joints, thus a jumbo sized soft grip was needed in order for a proper fitting.

The quick way to find the fit is to first get on a decent launch monitor then take the club to the range to see the actual ball flight, then field test.

If distance is all you want, it's easier to just get a new driver every season and you will gain 15 yards year after year after year.......LOL.

Heck, if that were true, I'd have picked up 45 yds this year alone. I kind of had an identity crises where it came to the big stick.
My wife bought me an R1 for xmas last year. Just didn't feel right to me. Came across a cobra bio cell on ebay that was cheap enough... And really hated the feel of that one, so I sold them both and got a Titleist 913 with a diamana kai'li 65g shaft. I love the feel and sound, but I am wondering if I can get more control with a heavier shaft. I'm beyond wanting to hit it 300 yds and I find that I'd be thrilled to hit it 250 and not be in trouble for my 2nd shot.
I have a long winter ahead of me, so I'll be using that time getting flexible and strengthening my core. Come spring, I'll get my driver professionally fit for the right settings, length, flex, etc.