I'm not trying to pick on you, but that is all pretty much 100% wrong. Ductility is good, would you rather they just break instead of bend? Just because it is ductile doesn't mean it bends easily, just that it bends before it breaks. Chromoly would be ideal, you got that part right. Chromoly steel isn't significantly lighter than any other steel, they are all pretty much the same density. Chromoly isn't significantly more corrosion resistant than any common steels. Chromoly isn't any harder to weld either. I just want to correct some of this misinformation before the herd mentality I'm seeing around here takes it too far from the truth.
I'm no fan of the original LIPP bars, cast stainless steel seems like about the worst material choice possible, cast aluminum would be a step up since it won't be so heavy, and that's what the upper control arms are made of. I don't think 6061 is really a castable alloy, but I don't know alot about casting alloys. There is no reason that any material can't be made to work here, you can't say that "aluminum isn't strong enough" or something like that because different shapes and sizes are going to have as much effect on the strength as the material properties.
Glen