Some very vociferous comments but have you really considered the matter or are these knee-jerk reactions ?
I think part of each, really. Most small propane tanks don't seem that they would have the thickness of material for a rated boiler, but then most are below minimum heating surface and water content for ratings. But my gut feel is that the boiler material might be too thin.
The first question should be at what pressure would the boiler be required to operate
Something like this would be expected to stay below 30-40 psi, I would think. In the live steam hobby the larger boilers generally operate at 100-125psi but we build them with 3/16 and 1/4" walls (at least in the 1/8 scale I operate in).
Real boilers and large model boilers too are commonly made from steel and I can see no valid reason why a steel pressure vessel should not be used.
I don't have a problem with steel, just with the steel being used in a boiler vs. a propane tank. Heat does odd things to steel and welds, and it's possible that something happy with a couple hundred psi at 100degF would be unhappy with 50psi at (280degF?)
I have scrapped many steel boilers in my demolition days and contrary to popular belief they were not rusty or corroded inside , neither were the steel pipes which carried the steam.
Boiled water and steam contain very little air and almost no oxygen.
I've seen hobby boilers that needed tube sheet replacement from corrosion. There's a big difference between commercial boilers with treated water and maintenance and someone filling a propane bottle with air-entrained tap water and boiling it dry only to refill.
Any boiler should be hydraulically tested to twice its working pressure and safety valved to suit so what are the objections ?
Most of my objections are just gut feel, maybe contaminated by some of what I see on youtube. Here's one of the first results searching youtube for "propane bottle boiler":
https://www.youtube.com/watch?v=yoUfwBfJhPA
Heating over a grill, no (visible) safeties, plastic tubing from the boiler, I can't be sure but it looks like soft solder connecting the tanks (unless it's silicone or something goopy). At least he's got a pressure gage but it's inside the grill.
Here's one done a lot more "right", but still hardware store components:
https://www.youtube.com/watch?v=WQ_mBwyTaiM&feature=related
I think you could make a proper boiler from a propane bottle but the ones I see on youtube don't seem to be able to do so. If I were to make a boiler that size I think I would start with spec materials - the effort is about the same by the time you get everything you need hung on it.