Shivkumar,
If you are going for a softer rubber, this usually ( but not always) means a larger rubber cross section, so you should have the oppotunity to reduce stresses, and improve the fatigue life of the part.
There are a nummber of ways to achieve your target stiffness with a softer rubber, but this depends on how much space you have, the mounting type, and how complicated you want your mould tool to become.
For example:
If you have a simple compression mounting then make the part bigger, or stiffen the rubber section by including a interleaf plate( or 'rate plate' in the US), and keep the size the same.
For bushings loaded in the radial direction, use a duplex or interleaved bush, but these can be expensive.
For conical sections, you can also use interleaves, or make the cone angle more obtuse.
As a general rule of thumb, with the static load applied, try to keep the compressive stress to about 10%, and the shear stress to less than 50%. Maximum compressive stress should be limited to 20%.
ALWAYS avoid tensile stresses.
I always like to design new parts with rubber in the 55-60 shore range, as this allows the design to be fine tuned during development. If you start out with 71NR, and the part isn't stiff enough, or 35NR on the part is too stiff, then you're really stuffed. (been there, got the T shirt).
If you can tell me a little more about the application and the type of mounting, I can make some more comments.
I will try to reply to any new posts next week.
Regards
Tom