I am just doing it. I discovered some abrasion on my sail, where it comes to contact with the wires. Hence I decided to take synthetic fibres.
From a pure technical point I would take PBO from 'easyrigging'. I dropped this idea, when I saw the price. There are only a few fibres which are ok for wire replacement (apart from PBO): Vectran, Aramid and Dyneema. Vectran would have a too large diameter for the same load. I didn't find any offer for covered Aramid, which I could splice, hence my choice was dyneema. I decided for Liros regatta 2000, because it has a cover, which adds UV protection. The drawback is that I needed one day for making half the splicing work (I only spliced single braid ropes so far). I think that I will use single braid Dyneema in future and replace it more often. This would reduce the rope diameter as well, since the cover adds 1mm more diameter.
For the trapez lines I took 3mm (BL 500kg, hence margin of safety 10 to 5), for the shrouds 5mm (BL 1200kg, normal load would be around 200kg, but 'missuse' could lead to significant higher loading). Since I have no jib, I have two long bridle wires (each 5.8m) and a short fore stays (0.5m). The fore stay is 6mm rope (BL 2200kg, normal load about 700kg, hence m.s. only 3, but the stay of the hooter acts as a back-up). The bridle wires are 3mm wire.
The higher gauge of fore stay and shrouds adds about 2% more drag. That is nothing compared to my skill.
The lower weight, I didn't calculate it.
Length. Each rope creeps, even wire. Dyneema creeps more than other materials. However my boat is already fitted with 'adjustment devices', which are again dyneema ropes.
Safety. I will test my splicing work by tensioning each of the ropes (two trees, main sheet, ....) Though I am still a bit thrilled.
As I am still in the process, I don't have any live expierence yet. But I will tell you I have buy a new mast (hopefully not).
Cheers,
Klaus