Matt I agree with you that 99.999999999% of the time that yes soft lead vs steel = steel wins. But there is that odd chance that something odd would happen.
I make my target stands out of 3/4" PVC pipe.
20" 3/4" PVC (White)
6 90 deg elbows
4 T couplers
4 end caps
4 bolts with nuts and washers 2 to 2.5" bolts work good.
Backing weather it is Foam board you buy at Wal-mart or a chunck of political or realestate sign.
Cut 6 2 foot section of PVC pipe
cut 4 3" sections of PVC pipe
4 12" sections of PVC pipe
PVC purple primer and clear glue (Come in combo pack at Home Depot).
Below are pictures of my target stand.