A few comments, which explains some of background and also why you might see some discrepancies:
- This is a yield criterion (not ultimate), but for Tresca, Fsy = 0.50*Fty
- This is a yield criterion (not ultimate), but for VM, Fsy = 0.577*Fty (0.577 = sqrt(3)/3)
- Sometimes the yield criteria are applied to ultimate conditions (an extrapolation of sorts), so a number between 0.5 and 0.577 would be "about reasonable" (lacking any other information).
- You may find some information in the free MIL-HDBK-5 (or MMPDS if you have it). I looked at some steels and Ftu/Fsu (ultimate, not yield) ranged from 0.53 to 0.63. So the yield criteria solutions are fair approximations, but to be accurate, you will need actual material properties (as one would expect). Using 0.50 does seem to be conservative so if you can show acceptance with that, it might be acceptable if you do not have material property data. Lacking any other information, using a value greater than 0.53 would be unconservative for some steels.
- Side note: It is not required to determine the principle stresses to use VM (just apply it directly). In this case, its a moot point, but I wanted to explain that point.
Brian