Gauge-plate? No, no at all for the connecting-rods. It is hard stuff to machine, and gives no functional advantages there.
Use it for the guide-bars maybe, and it is a common choice for the expansion-links; but not for anything else.
Leaded free-cutting round bar – yes, and I think a limited range of square sections is available, possibly easier and less swarf-generating for basically rectangular-section parts.
'
(I am using BMS for my wagon engine's guide-bars and eccentric-sheaves, with cast-iron crossheads and eccentrics; and may use the same respective combination for the expansion-links and die-blocks.)