ramatteson,
What you have described is a common practice in the forming and forging industry. Usually this analysis is performed in order to know what the forming loads will be at various stages of deformation, which aids in determination of appropriate tools and presses. The following equation is used to describe the stress vs. strain behavior of isotropic metals during plastic deformation:
[σ] = K[ε]
n
where [σ] = the flow stress
[ε] = the true strain
n = strain hardening exponent
K = strength coefficient
For annealed austenitic stainless steels like Type 302 & Type 304, the value for K = 1300 MPa (N/mm
2) and n = 0.45. Values for annealed Type 316 are K = 1100 MPa and n = 0.40. This data was obtained from the International Cold Forging Group document ICFG Document No. 11/01
Steels for Cold Forging - their behavior and selection. If you know the amount of true strain (a 20% change in diameter is a strain of 0.20), then you should be able to calculate the increase in strength during forming.
As the others have already noted, variations in alloying, wire drawing practice, etc. will affect the deformation behavior. Strain rate also has a significant effect. You should discuss this issue further with your stainless steel supplier, as they should have a technical contact who can provide more specific data. Also, you can find some graphs of increase in tensile strength vs. % cold work by using the following links:
Carpenter
Nickel Institute