Hmmm, never done swords, and I'm only at my first knife, so I'm barely qualified to speak on this forum

But I've used some different swords, and I'd go for 5160.
I saw a test of how a well made 5160 blade went and I think it's a really, really good steel.
http://swordforum.com/forums/showth...Number=19827&page=1&view=collapsed&sb=5&part=
The pics doesn't show, but the text is pretty impressive.
10xx series is fine, too.
As for a guard, it's not for protecting your hand from your opponent's blows (unless you are making rapier-type blades.
Protection to your sword's hand should come through proper parrying techniques and skill.
In a medieval blade the quillons serve four main purposes:
1) stopping the opponent's blade from sliding onto your hand after a proper parry has been done.
2) protecting your hand from smashing into shields or armor should a blow be parried with a shield or block.
3) function as a flanged mace to disrupt enemy armor, or as a weapon against the enemy at close quarters
4) bind your opponent's weapon or disarm him
A proper hilt should therefore have quillons of sufficient size to protect the hand given the grip lenght, have quillons with sharp corners or ending in narrow flanges (and if you look at any period sword you'll see they have this feature), and have said quillons tempered in such a way they withstand the most harsh use, as being used as a mace, sword gripped by its blade and used as a pick against opponent's armor.
The blade should ALWAYS be properly balanced. Vibration control is as important for cutting soft targets than is for hard targets.
It's just a matter of wasting energy vs. efficient energy use.
The fact that cutting soft targets is more forgiving should not be tajen as an excuse for poor wokrsmanship, even more because "soft" targets, often, aren't soft at all

Parryies and blocks against an unbalanced blade, in fact, may even shatter it.
Blows against a hard obstacle with a severely unbalanced sword may cause fractures in the wielder's hand or wrist.
Swords in museums are all of about the same size and weight, for a given type (suggestion: read "records of the medieval sword" by Ewart Oakeshott if at all possible), and they were made so because that weight, that lenght and that shape worked together to create a functional, efficient sword.
You will probably never use your swords as weapons, against another armed man. If so happens, it means something probably got quite weird and you should have got a gun in the first hand

Swords for sparrying and for test cutting should be made as well balanced as possible.
The difference between a well balanced sword, with proper harmonic control, and a sword without such characteristics is immediately perceivable when you dry handle one and then the other: you will have no doubts about which is better.
Oh, and about cutting power, don't be fooled.
Some say a blade heavy sword will cut better. It's true, obviously, but this shouldn't make you think: the more blade heavy the better.
Even blade heavy swords have a balance of their own, which must be maintained.
Light bladed swords can cut incredibly well if properly used.
Actually, they may cut even better, if one is not truly expert, since blade path and alignment is more easier to control.
One should never rely on sheer sword mass to deliver a proper cut. It's not the sword that makes the difference: it's the swordsman.