Over at the motorcycle chassis design list serv which is run by PM'r Michael Moore, we've discussed the differences between 41xx and 10xx steels at some length.
The basic difference is that the 41xx steels can bend slightly further **for a given shape/weight** without taking a permanent deformation.
If you design the part slightly more robust and use 10xx steel, you will achieve the same durability of the part with a modest weight penalty.
Since you're designing suspension parts, the intended use of the suspension will drive your decision: is this going to be a rock-crawler (extremely long travel, but very low shock-shaft speeds, i.e. no penalty for heavy arms) or is this going to be a desert racer which will be hammering over sand whoops at 100mph, and have very high shock-shaft speeds? In that case light & strong suspension arms will be desirable for reduced unsprung weight.
Personally, I'd over-build in 10xx for your first effort, then when you've run them for a while you will probably think of the "New and Improved Version 2.0!" arms, at which point I'd build them out of 41xx. You'll save a lot of $$$$ on the first versions -- 41xx is usually double or more the price of 10xx.
BTW, if you use the abrasive saw, and don't mind a mess, you could put a small stream of water on the cut, which will preserve the temper of the tubing. 10xx won't harden as much as 41xx either, another point in it's favor. I'd still use a bandsaw if possible.