The chief argument against using stainless is that it is highly abrasion resistant - just like stainless steel knives are difficult to sharpen, stainless chasing tools would be difficult to grind and polish. Better, I think, to just use a good medium-carbon steel and take measures to prevent the rust.

Rust can be prevented by wiping the tools down with someting to remove the acid sweat and salts from them before storage and also storing them in a wooden drawer or box, rather than steel. A vapor corrosion inhibitor such as Bullfrog Rust Preventer will keep them rust-=free for months or more. A block of camphor in the wood drawer will do wonder, too. Old machinists used to use that to keep their tools rust free.

Rich

Jeremy, the scale of your work is large enough that I see no reason not to try stainless steel tooling. I question the use of SS for the smaller chasing tools but for your larger work, what is there to loose.

Stainless steel polishes nicely. No. 9 finishes are commonly used in Architectural metals. It might take some research to find a suitable alloy . Even if the experiment fails to meet your needs you will have learned from the experience.

You might also look at some of the other high alloy steels such as S7. S7 is very tough. It's tendency to corrode is much lower than regular carbon tool steel, it is however devilishly hard to forge. After forging I just let S7 air cool, finish and use .

If you want something REALLY TOUGH you could try some Monel. I made an ice cream scoop from it and it is awesomely tough material! EXTREMELY corrosion resistant besides. It can be quite expensive but I got some reasonably priced from a scrapper. Inconel or other such imitators should be fine too. It is HARD but takes and keeps a nice polish... is used for long-run dies especially in food industries. Needs no heat treatment. Your hammer will tell you how hard it is! So get stock of the size you want and just shape the ends... DON'T try to draw it down much.