Stainless, especially high-chrome stainless like 18-8 or 440, might be too brittle for guide rail. If this is a northern area, it would have to be a high-chrome stainless to resist road salt. What's wrong with galvanized?
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"...students of traffic are beginning to realize the false economy of mechanically controlled traffic, and hand work by trained officers will again prevail."
Wm. Phelps Eno, ca. 1928