The metal cap prevents wear and chipping on the front of the piston. I don't know how critical it is.
The phenolic piston has different clearance requirements than the steel ones. They usually fit pretty close but if it's binding the caliper bore may need work. Leave that to a rebuilder that has the tools to not make problems worse. Honing an Aluminum caliper is really easy to screw up due to how soft the metal is.
GM and other car makers use the phenolic for both performance and manufacturing reasons. Besides the thermal insulation you gain... The phenolic comes out of the mold ready to use. Metal ones need machine work and polishing before they can be used. Contrary to popular myth the phenolic pistons aren't bad but you cannot treat them the same as metal ones. Doing that will cause problems. Example, 80's Chrysler vehicles had a reputation for problems with Phenolic pistons that is usually amd falsely blamed on the pistons. The real problem is the pistons weren't given enough clearance in the caliper bores when the factory built the calipers. Just a tiny amount of trash buildup in the caliper would make the pistons bind.
When installing either piston type, especially in new seals, make sure you lube the seal and piston with fresh brake fluid. Failing to do so can damage the seal.
------------------
Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should.
(Jurasic Park)
The Ogre's Fiero Cave (It's also at the top of every forum page...)