Chris – Quite so, never be afraid to ask questions.
Gauge plate is a high carbon steel ground to thickness and sometimes, but not always, to height. Tolerance on thickness is generally around +/-0.001″. The composition, taken from some I happen to have on my desk next to the computer is:
Carbon: 0.85-1.05%
Manganese: 1.00-1.40%
Silicon: 0.15-0.4%
Chromium: 0.4-0.6%
Tungsten:0.4-0.6%
Vanadium: 0.15-0.3%
Iron: the remainder
The important feature of gauge plate, indicated by the high carbon content, is that it can be hardened and tempered by relatively simple means (compared to HSS). Hence it can be machined soft, and then hardened and tempered to produce cutting tools, springs etc.
So, it definitely isn’t mild steel (!), and it’s a bit tougher to machine too, even when soft.