Definitely would have value. I am not sure what the metal sets sell for, the bone/bamboo ones from the 1920's average about $300 - $400. I have never seen a metal set.
I would show it to this guy. He knows his Majong sets and is very nice, he helped me out with some questions I had about my set. See the link at the bottom of this page for his Q & A bulletin board.
http://www.sloperama.com/mjfaq/age.html