I can't speak intelligently on the spring issue, except to say that most steels with which I am familiar, once hardened and tempered would be suitable for SOME spring applications. The modulus of elasticity doesn't change to any really noticeable degree from one steel to another, so a thin enough cross section would be bendy whether it was 5160, 01, 440C or anything else.
I can say that two steels that are different enough from one another could look noticeably different once polished. Some steels seem to just "take" a polish better than others. If you were to look at one then the other, you might not see anything different, but put them directly side by side, and the difference can be fairly obvious.