Like yoder is saying, it's not about how much heat you can store in the steel, you use water to store heat in and not steel. If the heat isn't transferred to the water it simply goes up the stack.
To not understand that this is about transferring heat into the water and not the steel confuses me. In a perfect world we would want our fireboxes as thin as possible. But they have to be strong enough to survive in the real world.
Let's say you try this...... Place a pan of water on a piece 1/8" steel, take a torch and heat it, do the same with a piece of half inch, half inch will take a lot more time to boil the water, whichmen ans more acetylene/oxygen fuel was burned. Now I know your thinking well mine will stay hot longer. Maybe slightly but that doesnt begin to make up for what you previously gaveup. Again this is different test cause the torch would immediately quit making heat unlike your firebox.
It's like this, there are btu's stored in the steel but very little in comparison to whats laying inide smoldering away.
Like I said this has already been tested many times but the test I'm most familiar with was natures comforts test when there 3/8 box was 12-13% less efficient than the identically designed 1/4" box. So i would feel safe saying that you'd lose mother 12-13% in the next 1/8" firebox material at 1/2". Making it up to 26% less efficient on steel thickness alone.
This is where I feel heatmaster is able to run so efficiently. The thinner stainless transfers heat like crazy and allows us to use much smaller water capacities. For example the 5000 sq ft model holds 130 gallons. Most competitors would say you need 300 gallon for that.