A few points to consider: Any load-bearing recessed corners should always have a radius rather than a sharp corner to reduce the possibility of stress cracks. Good steels and alloys don't cost much more than ordinary ones. Depending on the final use, most modern engineering alloy steels are fine for use in the 'as delivered' state. Use finer threads in hard materials, coarser threads in softer materials. The higher the grade of stainless the harder it is to machine but gives improved corrosion resistance. Conventional engineering alloy steels are generally better to work with. Make use of the data sheets available online from material manufacturers. Design things around standard-sized materials that are available 'off the shelf' and commonly available fasteners. Simple and solid is good!
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