I have used D2 in the past for press tools. It is usually vacuum hardened for this usage. The material is more dimensionally stable than O1 during the heat treatment process.
If these characteristics are not required then I would stick with O1. D2 is not something I would want to choose to machine if I had the option of using O1.
Most tool steels will rust, so if the requirement is for a non-rusting component then stainless is the way to go, but this comes with its own set of problems depending on the grade.
Regards
Gray.