Multi-task learning (MTL) in materials science relies on the assumption that physically related properties share learnable representations. We challenge this assumption using a 54,028-sample metal alloy dataset exhibiting extreme task-level imbalance. Our results reveal a striking dichotomy: MTL significantly degrades regression performance for resistivity and hardness but improves classification recall for amorphous-forming ability. We trace this divergence to mismatched functional forms--such as resistivity's polynomial dependence versus hardness's complex interactions--which cause severe gradient misalignment during optimization. Evaluating Deep Imbalanced Regression techniques, we find that projecting conflicting gradients (PCGrad) recovers single-task performance, while combining label distribution smoothing with gradient normalization achieves the best overall balance. Consequently, we propose a strategic framework: utilize independent models for high-precision characterization, but employ MTL for high-throughput screening where recall is paramount. These findings support a "materials property clustering" hypothesis, suggesting that distinct physical mechanisms require specialized optimization strategies to overcome negative transfer.

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