Sorry JR but your not taking into acount anything I've said, I understand the class room/lab part, no low carbon steel would not be as well as high carbon steel, 1018 has a yield strength of 54,000, 1045 has 77,000 thats over 40% greater, 4140 starts at about 55,000 in it's annealed workable form, only after it has bean heat treated can it be made better than 1045 and this can vary ALOT! 
So the point is here don't jump to conclutions based on what material is used and process, even a heat treated alloy sway bar can be weaker than a high carbon steel one, follow the money!
 High carbon steel bars are most often manufactured in cold process as to avoid having to anneal and heat treat I keep saying it's a cost vs application issue.
If you actually want a sway bar that is better than a high carbon steel you need to buy an American made sway bar such as Hellwig not some off shore with no or false data specs.
Merry Christmas 
