This is something that my company deals with all the time. One of our products are brake safety springs that go into big rigs. They set in the compressed state for years on end and may never get used, however, if the truck's brakes would ever go out, they would need to kick into action and lock the tires up. That being said, we have conducted many internal studies that show how our springs yield over time and we have an engineer here that has developed his own formulas that show this. I wish I could be more help, but I was just assigned not to long ago to learn that product line, so more than 1 person is knowledgeable.
If I were you, I would look into safety brake springs and read about them. This should give you a good idea of what you are looking for. Also, if you are planning on making the print for your spring, make sure that you are very stringent on what you expect. This spring will have to be virtually perfect when you receive it.
If you are looking for a quick estimate. I was once told a rule of thumb for springs in constant compression.
1 year in the compressed state is roughly the equivalent of 1 million cycles from free to solid state. Having that will allow you to get a quick and dirty calculation using fatigue formulas. But I must warn you, that is not an exact ratio, merely an estimate...
As far as material, I would recommend a chrome silicon alloy with brake spring quality. That is the material we use most often and it tends to have the best quality.