It is a fact that most of the boats that get into serious trouble in the high Arctic are steel ones, because their owner thinks that they are bullet proof. I gather that Chris and Jess are intending to haul the boat out for the winter and I am far more concerned about the fact that they don't seem to have worked out the details of doing this, than I am that the boat is built of wood. If their project is soundly organised and if they have lots of contingency plans, then they should succeed. However, the secret of success when you are playing with ice is to anticipate, plan and then think again. Choosing a safe haven to overwinter Iron Bark involved a lot more than 'this looks a nice spot'!
My own feeling is that if you carry rescue equipment, which alas, an increasing number of governments insist upon, you should carry insurance to pay for said rescue. I much prefer it when people go without the means of calling for help and are prepared to pay the ultimate price. Apart from anything else, it does concentrate the mind. But it is often extremely difficult to persuade the Powers That Be that this is an acceptable and rational approach.
The NW Passage will never be a walk in the park. You are in a very remote area, there are tremendous tides in places and without an engine you could be in serious trouble, if becalmed - and there are a lot of calms. It is a most disconcerting experience to be whirled around by eddies, being carried in one direction while the deeper-draught ice is caught by another eddy and bearing down on you at a rate of knots. They are young, fit, intelligent and resilient and they will need to be to succeed in what they are doing. I wish them the very best of luck to back up their own planning.