I worry that if you are not hardening the material, you may be either wasting money or not using the best material for the job.
My understanding is that drill rod and silver steel differeing in that the letter includes a little chromium.
I understand they are both poor choices for anything that is not going to be hardened – my recollection is that in terms of wear resistance silver stel is little or no better than mild steel, and that for the price one pays one should choose from:
Precision Ground Mild Steel – for axles and spindles where an accurate diameter is essential.
Bright Drawn Mild Steel – for general work where good unmachinmed (but not accurately sized) surfaces or a good turned/machined finish is more important than absolute strength.
Leaded or free turning versions of the above where easy machining and excellent turned finish matter.
Black mild steel – hot rolled or drawn, for parts to be machined all over where lack of distortion matters.
Then there are many alloy steels of greater hardeness, strength and toughness than mild steel that will generally machinme better than silver steel and not require additional hardening for most purposes.
Silver steel is really just for tools, locating dowels and the odd part that needs to be hardened.
Finally, fear not, if water hardened drill rod is hardened in the same way as silver steel, it's an easy task using no more than a standard blowtorch.
Neil