I claim no particular knowledge in this matter, but I've recently built a crankshaft and crankcase (well nearly finished) and have used silver steel for the crankshaft.
I've used silver steel is that this appeared to the most consistently used material in the online and printed matter that I've come across.
The reasons behind this appear to be a combination of more hardness than most steels, but still being easy to work with (which tool steel would not be).
It's very easy to buy on eBay from a variety of vendors. The rods I bought were around 1 thou under nominal size and within microns of the actual size from end to end.
I'm sure people who know will jump in with better reasons (or probably alternatives), but that's my 2.5 penn'orth.
Iain