Interesting idea. I know, from seeing it done in college, that a plaster mold will work for casting a ball. However, every time a friend of mine used to do castings (not cannon balls) the mold was for a distinct item that was one of a kind. Using plaster molds to go into production has a downside to it.
Since each mold can only be used to cast one ball, you'll be making a lot of molds which, in the long run, will be both time consuming and costly. While plaster doesn't cost a whole lot by itself, you have to figure in the time (and other materials) you'll spend making the molds before you can actually pour a ball. To me anyway, it seems much more cost effective (in time, materials, and labor) to simply use a steel or aluminum mold.