Yes, a rotary hammer can be used for occasional drilling in steel.
No, as you surmise, the extra length of the chuck adapter makes it less strong and accurate than a standard drill motor.
Maybe, no, definitely, you need both. Used corded 1/2" drill motors are so dirt cheap these days, you can pick up a Milwaukee, older B&D, Skil, Thor, DeWalt or other quality tool for less than the cost of a chuck conversion for an SDS.
FWIW, after quite a bit of looking, I picked up an old Hilti TE-22 SDS hammer drill for cheap this week. This fills in that gap, as I already have an old 1/2" DeWalt and Craftsman, three 3/8" Craftsman, old Thor 1/4". None of these cost much of anything.
I sold a old beast of a B&D 1/2" drill for $15 last week. It was geared down so it would walk a sharp 1/2" drill through steel as quickly as most cheap 3/8" would drill through aluminum.
Bottom line, take your time. Good used power tools are so cheap these days, you can have several instead of trying to do everything with one.
jack vines