Hi David,
Wot do u mean, “blued steel?”
My guess is high-carbon known as `gaugeplate.`
As there are only 2 axles and short length, I would think gauge plate would work but very expensive material for such use. I certainly wouldn`t consider it for say, “Nigel Gresley” or any other long-framed multi-driver loco, due to stiffness of steel. It would not flex and on tight curves with very small cleances on a well made new loco., I would think derailments could be a possibility.
Thats what I think but perhaps someone with more experience can throw in their “2pennorth.”
Regards,
John
PS what a glorious sunny morning down here in Brighton.