Are You going for strength or toughness with 4340 stl??? High strenth steel in a marine environment is a REAL problem child no matter what coating is used [SCC and pitting]. If at lower strength levels [for tougness], then may be better.
Is 4340 absolutely necessary... VS, say a high-grade marine environment qualified SSTL?
Is the shaft exposed-to, or worse, submerged in sea-water or bilge-water?
Caution: shafts with coatings of any substantial thickness, [especially applied to interior surfaces], MAY be a nightmare to balance.
Regards, Wil Taylor