Most of the pry bars are forged, and forging works on many alloys that are not so great as castings, and may not be weldable..
You mentioned that the cast part will be welded to the handle, this requires that the casting alloy is weldable without a whole lot of grief.
This website should be of help:
http://www.metalcastingdesign.com/content/view/104/193/This paragraph from the website above pretty well sums it up.
"There are three keys to selecting the right steel casting alloy for optimized performance and cost. One, utilize the geometry of the steel casting to uniformly carry the loading. Secondly, start with carbon steel for most applications, modify the heat treatment and then add alloying elements to improve properties. Finally, engineers should know the design limit for an application and work with a metalcasting facility to design the part and select a material. "
He needs to determine what the minimum yield strength of the material is, and this is based on the geometry of the part. Then He can choose the cheapest material that is strong enough, and weldable. Heat treatment of the cast part complicates the manufacturing greatly, due to the welded joint.
Making the stub that the tube handle attaches to long enough to reduce the load at the junction lessens the problems.
What I am getting to is that the overall design is at least as important as the alloy selection.
Hope this helps.