Yes, it is sort of a transfer bar, but not for safety reasons. The spring serves to keep the cap in place during firing, so the cap doesn't fall into the mechanism. This was actually less of a problem in the Colt (and Manhattan) where the cap would usually fall out if the revolver was turned over, than in the Remington type, where the cap would hang between the cylinder and top strap.
The steel is about the same thickness as an M1 Garand clip. I think the steel from a large binder clip should work nicely.
Jim