If only the very best will do for your lathe, and money is no object, then the answer is Silver!
However, in my bodge workshop, where unloved machines are kept in working order, I note that the slides of a hobby lathe must be one of the least demanding bearing requirements in the world. Within limits, almost anything will do. As bearings go, hobby gibs have an extremely easy life; they don’t take high-pressure, get hot, or move rapidly. More important, I feel, for my slides and gibs to be straight, polished, oiled and properly adjusted than made of anything special.
That said, one can do proper engineering on the slide problem. The gib material has to be strong enough to resist wear and plastic deformation. It ought to be markedly harder than what it bears against, and it must resist corrosion. It mustn’t gall, should take a high polish, and have a low coefficient of friction.
Many metals and plastics disqualify themselves: pure aluminium is soft and sticky and it and stainless steel both gall. Magnesium corrodes in water and air. Many plastics are too soft and deform when stressed, a few swell when they absorb water, and some are attacked by oil. Babbit metal is too soft and brittle metals should be avoided because working the adjusters might break them!
Other metals are reasonable and cheap, but may be mildly problematic: cast-iron is good unless it cracks, steel might corrode, brass can act as a lap etc.
The best choices are a little exotic – bearing Bronzes, bearing plastics, bearing Aluminium, leaded Copper, and Silver are all good, but too expensively over the top for my taste.
Fast moving heavily loaded slides need careful consideration, but unless the machine is special, I’d compromise on an easy to source, low cost, hard Brass or unhardened ground steel, and keep the slide well oiled.
Brass may be inferior to Bronze, but it has a long history as a bearing metal, so much so that old books call bearings ‘brasses’. Although Brass bearings rarely used today because designer bearing materials are available, Brass is still a reasonable choice for home-made gibs. If still worried, or in need of something to brag about at the club, the Brass could be Silver-plated!
Dave