IMHO,
AR 500 is the best plate to use, I think. Use 1/4”(10.2lbs per sq ft), 5/16”(12.8lbs per sq ft) or 3/8”(15.3lbs per sq ft) plate. If you have a local steel fabricator with a laser plate machine nearby talk to him about cutting some out for you. NOTE: it’s best to purchase a full sheet, minimum (48”x96”) , and have him cut the whole sheet.
To prevent ricochets/returning projectiles, cant the plate face down around 20 degrees this will divert the bullets towards the ground. I do this by bolting a piece angle iron to the back of the target. You can punch holes up and down the angle iron to get the cant you want. Also I use button head-twist off A-325 or A-490 structural bolts, 3/4” is usually the most common size. A fabricator or erector should have some leftovers at the end of a job.
As for attaching the target plate to a stand I use either chain, rebar or, what I like best is Fire Hose. If you know a fireman ask him if he can get you some of their worn out hose.
Disclaimer,
I am a retired structural steel fabricator and erector.
It’s snowing and raining here in Sunny California at the moment. When able I will try and take some photographs of what I am talking about.