Hi Ya John.
Sounds like you're having fun doing guess work.
I'm not really sure from the info you stated whether you're trying to qualify the installation procedure then inspect the end result, or if you're just doing a post weld inspection, so I'm going to assume the former...
Assume is a big word, but your base metal guesses sound like a safe assumption, as long as the studs to be installed are not holding up a walkway or platform that people will be walking on, or some other such critical situation.... but you know that drill.
Don't forget to CYA by getting a competent person to accept the procedure, regardless.
If you qualify a procedure to B2.1 on any M#1 steel, you'll be covered for a larger group of steels than just the 2 you mentioned, which will also broaden the acceptable material range for the studs to be used.
As for final inspection, I would reject any weld that was not welded to clean, shiny base metal, does not have a clear flash 360 deg around the stud base, and can not survive a 15 deg bend and straighten test.
Tim
John,
Mild steel is a good assumption because of cost and it's quite malleable and is easily rolled, and it's easier to fit-up during erection. Have you looked for a manufacturers name plate? They are usually in the 5" X 5" size and found in a conspicuous location, like on a removable access plate or at the bottom of stairs or ladder. With the information from the nameplate you should be able to find out the type of material used.