If we are talking about manually tightened drawbars for older NMTB spindles, I would not hesitate to make one from as-delivered mid-carbon steel (1144, 1045) without further heat treatment. The tension requirements are pretty low, there's no shear requirement, and it's essentially a static application. A loose hard washer might be all that's needed to prevent wear/galling where the drawbar snugs up against the rear of the spindle.
I've made an NMTB50 drawbar from B7 all-thread and a brazed-on 1018 "head" and never had any trouble with it. On the other hand, B7 rod is heat-treated.