My understanding is that the steel from which the ARB is made (both material grade and treatment) is more or less irrelevent as far as torsional stiffness is concerned. The material should of course be a 'spring steel' appropriately heat treated, but this is a longevity issue rather than a stiffness issue.
Changing steel grade and / or temper will I think only change the elastic limit, not stiffness (at least not to any significant degree). I think you'll find that to decrease stiffness while maintaining OD, you'll need to reduce wall thickness (or increase the length of the torsional section of the ARB, or the lever arms?).