While there is still a good deal of grade 40 produced in some regions of the US, suppliers in many places only stock grade 60 and higher. There is no engineering reason to specify grade 40, unless you need an intentionally weak beam that holds cracks tight until yield (pre-yield crack width is dependent on area of steel crossing the crack, not the yield strength of the steel.) The actual difference in ductility between grades of A615 bar is negligible, and if unusually high ductility is a principle requirement, specify A706 (of any grade). There is little to no price premium on strength in most markets for ASTM A615 and A706 spec bars. Or switch to stainless bars meeting ASTM A955, which carries 20% minimum ductility.
Do not specify bends tighter than ACI/CRSI stirrup minimums under any case. Bars cannot be reliably bent to tighter radii and still perform properly. Also, for standard hooks, the limiting factor for bend radius is often not bar ductility but concrete performance inside the bend.
Interestingly, in-ground pool crews and other people who hand form bars really prefer grade 40 so they can easily bend them. DO NOT use that excuse for structural uses, since all structural bars should be fabricated in a shop (either at a plant or using on-site equipment, not hand benders.) The level of quality control needed to assure a safe, constructible structure demands observance of proper bends and tolerances.
As for cold brittleness, it happens with all carbon steels to one degree or another. It is seldom a factor in a completed structure.