Jack,
There is no comparison between a 4100 steel and a 4300 series for your application. The 4300, i.e. 4340, series is the best reasonably available steel for any part that is going to be machined from a pretty big chunk. It machines well and heat treats well also and will give the very best life while providing the best strenght and toughness. Usually the chromium 4100 steels are used for thin sections, tubing, sheet etc where as the nickel based 4300s are for thick sections that are going to have some serious machining and heat treating done to them. I know that I am probably not telling you anything new but my experience with 4340 and 300 M (triple vacume melted 4340) have been so outstanding I would not even consider anything else. I only use the 4100 series for frames and brackets.
Rex