The aim of this study is to establish correlations between mechanical properties of Pb–Ag and Pb–Bi alloys and parametric features of their as-cast microstructures, as well as to develop a comparative analysis with the corresponding properties of Pb–Sn alloys considering applications of these alloys in the manufacture of Pb-acid battery components. A wide range of microstructures are obtained using an upward water-cooled directional solidification system. Ultimate (UTS) and yield tensile strengths (YS) and elongation are experimentally determined as a function of cellular and dendritic spacings, and Hall-Petch type experimental equations are proposed relating UTS to these microstructure parameters. Despite the higher specific strengths of Pb–Ag alloys, as compared with those of Pb–Bi and Pb–Sn alloys, their corresponding relative costs are the highest of all Pb-based alloys examined. It is found that the Pb–Bi and Pb–Sn alloys examined have similar specific strengths and relative costs.