As long as the steel has these properties, you'll be fine. Bizalloy/ Hardox etc is brand name as far as I understand it. The harder steel is not more expensive than mild. Hard steel generally secure a complete disintegration of the bullet, mild does not. Thicker steel is not more expensive either, but you will pay more for it as steel normally is sold by the kg (at least here)
Hardness HBW 380 or more for 12mm, 425 or more 8mm plates
Typical yield strenght 1100 - 1300 Mpa.
The main difference between armour 500 plates is that their yield strength is guaranteed, whilst non-armour steel doesn't guarantee the yield strength - just sample the lot. For a shooter, no difference or consequence if he gets a bad lot and a bullet goes through.
You can get some ideas for cheap, durable stands here
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