No. At least, not if they are bought with iron.
Egg wars is not meant to be a game where it is easy to die, despite the fact that you can respawn. This is because of the length of time it may take to gather gear and the fact that you lose it all upon death. Adding snowballs / eggs means that it is much easier to kill other players, especially with little gear. This takes away the point of getting gear.
One person, with a lot of eggs or snowballs, can lock down an entire bridge even more effectively than a person with a normal bow, and just as effectively as a punch bow. This is due to the fact that eggs fire much more rapidly and do not need to be charged like a bow. It is very good for killing an entire crowd of people running across a bridge. Think of the camping possibilities.
Furthermore, if a team got to mid first, they can immediately prevent every other team from getting to mid, because they will have projectiles without having to go back and shop.
However, all of this doesn't mean there is no place for eggs and snowballs in egg wars. (specifically, I think if they are to be added, they should be eggs, so that egg wars lives up to it's name). However, they simply cannot be bought with iron. More reasonable prices would be:
Hardcore mode: 5 gold for 3 eggs or 3 diamonds for 5 eggs.
Normal mode: 1 gold per egg or 1 diamond per 3 eggs.
Op mode: 1 gold per 2 eggs or 1 diamond per 6 eggs.
The reason that I believe these are good prices is because there is no item in the game that can be bought with 1 gold or 1 diamond. It would be nice to be able to always spend every last penny, so to speak, by buying gear before going out of your base.