Stressproof is a tradename of Niagara LaSalle for a modified SAE 1144 steel, alloyed with nitrogen. SAE 1144 is a heavily resulfurized steel, which substantially improves machinability. The Stressproof grade is processed by cold drawing a hot-rolled steel bar, and subsequently stress-relieving it. LaSalle uses a "heavy draft", more than the typical 10% draft (reduction in cross-section), which increases strength and hardness due to strain hardening, also called cold working.
This heavy draft increases the strength, and many times allows Stressproof 1144 to be used in applications without further heat treatment, such as Quenching/Tempering. However, cold drawing affects the surface more than the core, resulting in lower core hardness. Quenching & Tempering produces a more uniform surface, but introduces another processing step, potential for distotion, etc.
One suggestion is to not change the steel grade, but just require a minimum core hardness. Is the steel currently making acceptable threads? If not, then you may want to consider other free-machining grades from LaSalle like Fatigueproof or ETD 150. You can read more about these grades at the following website/.pdf file:
LaSalle does not have their own website-- they use space allotted to them at
whose server is misbehaving today, otherwise I would add the link to this reply. Try accessing the homepage, and then find LaSalle Steel on it.
If you feel that the strength of the part is an issue, using something like 1137/1144/4142/4150 but with subsequent heat treating (Q&T) will provide increased strength, but with increased cost, process time, and potential distortion.
Is it possible to eliminate the machining? You may be able to forge the part (cold/warm/hot?) using a carbon steel like 1038 or 4140, then roll the threads instead of machining them. I'm guessing it was deemed cheaper to machine the entire spindle, instead of this, but you may want to investigate. Best of luck, and if you have any additional questions, just ask.