Mild steel no matter how thick will be cratered by most centrefires out to around 300 m, and close bits can come back at the shooter, so at a minimum bis 80 hardness is recommended (wear steel is a trade name as well i think). Your size is about right its 12 moa at 100, and 4 at 300 yds. Fire hose or conveyor belt makes the best hanger, and angle the attachment point so the plate hangs at about 10 deg over vertical so bullet splash is directed downwards, this also reduces damage to the plate surface.
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