Jaguarman,
There are quite a few options you can use, depending on various things. *If* you don't require high precision (not too likely for an arbor), OR if you are willing to have some finish grinding done (by you or a shop), you can buy either 17-4 or 17-7 PH stainless steel bar in the solution-annealed condition. After machining, all it needs is an hour at 900 deg. F. and you'll have Rc 44 for the 17-4, or Rc47 for 17-7. But it will warp slightly, so finish grinding will be required. If you can heat it to 900, this may be the way to go.
If not, the softer 4140 *may* be OK-depending on the amount of stress it will see. Another problem would likely be with any threads on it. For many tightening sequences, involving years of use, you'd want the threads to be harder-thus the Rc52 of the comm. arbors.
You should be able to find 4140 bar in various heat treated conditions and hardnesses. You can even save $$ and just buy it "normalized", and it will be about Rc30.
Arunmrao,
He merely stated that Rc52 is what some comm. arbors are made to. BTW, the stiffness isn't affected by hardness or heat treatment-it's a physical property of the material itself.