Ferrous Point Lookout Pole Patch
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The lookout inventory shows Ferrious Point as a 1930s camp (elevation 4800). Forest Service images show more. In the paper “Rag Camps to Lookouts” by Joanne Bridges, she says the following:

A 1930s semi-permanent lookout site consisting of a tent camp, firefinder, telephone and a crude tower. In the 1940s, maybe late 1940s, a 16 by 16 foot D-6 ground house was built from lumber from the French Butte Lookout when it was torn down. Ferrous was built to cover the Kosmos Timber Company Railroad logging in the Iron Creek drainage. It was occupied until the 1950s or the 1960s and destroyed in the 1960s. See note below:
Elevation: Elevation 5,144 feet, also shown as 5,127 and 5,122
Hiking Distance: 500 feet
Elevation Gain: 150 feet
Access: High clearance needed, but nice road-walk if neccessary
WillhiteWeb.com
Former Lookouts
Possible 2 locations
I found no evidence on the named summit other than a nice level and open area that a structure could easily be located. There is one other location on an overlook between French Butte and Ferrious Point. A spur road goes left several hundred feet over and down to the viewpoint. The location would also have a similar view down into the Iron Creek drainage.
Access
From Randle, drive 1 mile south on Forest Road 25 and then turn left onto Forest Road 23. Continue on FR 23 to FR 28 and go right, cross the Cispus River, turn right onto FR 76, and continue past the Cispus Environmental Center to FR 77 on the left. At 7.4 miles, FR77 pavement ends. Continue another 6 miles or so to the top of a ridge and a 4 way intersection. Turn right at the saddle. The next 4.6 miles to French Butte will me a mix of good and bad road. A timber sale at the start has improved the road but as you get close to Pole Patch it will deteriorate. After you pass along side of French Butte, there will be a 4 way intersection on the SE side. Take the lower western road toward Ferrous Point. This road is a mile or so and best walked if your vehicle has no capabilities.

Ferrous Point Lookout Site

Shown on the 1975 Lewis County Metsker Map
Burley Mountain ferrous point ferrous point road French Butte Mt. Adams Rainier Mt. St. Helens Tree plantation ferrous point Mt. Hood gifford pinchot
Burley Mountain Lookout in distance
Mt. Hood
Tree plantation
Looking north to Rainier (have to walk the ridge down a minute to get north view)
Looking east to Mt. Adams
View of French Butte former lookout site
From Ferrous Point looking down at parking area (Summer 2018)
Lookout site looking west with Strawberry Mountain former lookout site in distance
View in 1934 from French Butte over to Ferrous Point (appears the same road was at that time leading over there)
Road between Ferrous and French
Ferrous Point from Pole Patch
Mt. St. Helens. The mountains below and to the right match the 1956 image. It is still not a perfect match and site 2 is the same baring as this, located just over the trees in the forground.
Ferrous in 1956
Showing the two locations, one or both were used.
ferrous point map Ferrous Point
Labeled as Iron Creek Drainage on August 5, 1949
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Ferrous Point
From the Ferrous Point southern location (will need a more clear picture to help determine)
Ferrous Point
Ferrous Point with snow (Fall 2022)