Those are alloy steels that have a lot of strength. They machine and grind better than mild steel, and are low on internal stress. It doubles the price of any project to use 41x0, etc. It would be my preference too, if it's available. But your fly cutter isn't going to need any strength beyond what the press fit and alloy body can provide. Weakest links being what they are.
Fly cutters can really get hammered overlapping cuts and interrupted cuts. The moment a fly cutter touches the work, it's a hard life of whup-whup-whup, a rhythm that is going to ripple and flex that alloy disc and amplify harmonics as the vibration chatters your work like a fat chick in a coin-op relaxo bed.
I have a fly cutter that I like an awful lot. It's like 7.625" pass width, and the base plate is 3/4" steel and uses a simple 3/4" stud for an R8 collet. It's kind of a no-brainer design. They're made by Flexbar now, and would be easier to make than the one you have planned.