I'm not sure.
The 4130 isn't much different from 1020 (carbon steel) in applications like this.
The thin wall you spec with the small OD may result in "tall column buckling"...since 0.065" is pretty thin (in my estimation) for a working member in a jolting tension/compression situation..
For reference I built a panhard rod using normal, cheap ERW carbon steel tube "just to see" if it would work. Mine is about 1.0" OD and 0.125" wall.
Mine was sort of an experiment copied from the pictures at Peter May Engineering. I did not even bother to put LH and RH threads on the bar (I just used two right hand rod ends).
I figured I'd do a better one "someday".
But you know how it is?....So far so good.
The "experiment" works fine, "someday" hasn't come and it's still on the car. :laugh:
Peter May sells a unit for 1/4 elliptical cars.
You can see it on this page:
https://www.petermayengineering.co.uk/specialistProducts.htm#2.23
Here's mine (semi-elliptical car).