Condensing boiler efficiency depends on RETURN temperature. Look at manufacturer efficiency curves, which are based don modulation and RETURN temperature.
In retrofit, you still can run at lower temp since the design conditions don't take into account interior cooling loads (humans, electronics, lights) and there is quite some time where outdoor temperature is above design conditions. Supply temperature gets re-set based on OAT and valve position.
Even when not-condensing, a hydronic boiler should be more efficient than a steam boiler. Steam boilers produce steam at above boiling temperature. higher fluid temp = higher flu temperature. Higher flue temperature = lower efficiency.
Someone above made it sound like steam systems don't use energy for circulation. If that can be proven, I'm sure a Nobel price is justified. Because the energy to move a fluid and overcome the pressure drop has to come from somewhere. Steam doesn't move for free, it looses pressure, and with that enthalpy. Where does the pressure come from? From fuel. To move a fluid, you need energy.
The whole discussion is moot if we don't know the project conditions and size. We also don't know if the owner is open to both options. And if there is no experienced design engineer for steam, better to forget about steam. nothing worse than a steam system designed by someone who doesn't know how to. Hydronic is much more forgiving. Same goes for maintenance. Steam requires a LOT of maintenance.