A bandsaw that will do a great job of wood is far too fast for steel (ok for aluminium and brass), a bandsaw that will do a great job on steel is far too slow for wood unless only cutting very thin stock. You also have the issue that for cutting steel you generally want to use some cutting oil to get the best life from your blades.
Really the best solution is 2 bandsaws. Because I only cut steel occasionally I have a big wood cutting bandsaw and a portaband bandsaw which I modified to fit in my vice along with a small table and mitre slide. Works great.
The swarf itself isn't the issue, you can clean the bandsaw between changes of material, it's the lubricant you really want to use for steel that then gums it all up inside and the fact you need to change blades often as well.