CW,
Got it for you. 4340 is tough stuff. According to the specs I found, it has a yield strength that runs from 69,000psi up to 238,000psi depending on the hardness of the steel (ie: how it was heat treated). While there's no way, without testing, to know what the hardness of the steel is that NOSMO has, he should be OK with it. After all, we use 1018 steel for barrels and that had a yield strength of 54,000psi.
As to welding, it's like 4140:
"The alloy can be fusion or resistance welded. Preheat and post heat weld procedures should be followed when welding this alloy by established methods."
Oh yeah, I also found that a foot long piece of 4" diameter 4340 sells for about $300 (from one supplier anyway). If you got yours for free (or real cheap) you did REAL good NOSMO. :-D :-D