It's relatively low velocity, low pressure, soft lead. This may be an instance where extra strength may be a weakness as it can facilitate cracking if not done right. Look at modern choke tubes by comparison, which can go for tens of thousands of rounds without problem.
I'm not an engineer, but I am a machinist who deals with exotic metals on a daily basis and I'd imagine an alloy like 4140 with a decent heat treating would hold up marvelously for this task. Using something like an S7 may get you slightly better wear resistance but at what cost and to what benefit? 150k rounds instead of 120k? But then you also have the issue of taking a finish, which it won't do as well as 4140; so it might function slightly better but will have trouble looking the part. Add in that an ordnance grade steel is more historically accurate and it seems to me like an alloy like 4140 is a better choice. I may be mistaken so don't quote me on this, but I believe I read once that 4350 was the standard ordnance steel used since WWII for US made small arms unless the material was otherwise specified.
I'd vote go with 4140 and I doubt you'll have any problems if heat treated properly for the task.