Can you measure the thickness of the tubing style arm, on the flattened portion.
If I were building the strap type, I would probably use aluminum, preferably 7075, thicker on ends, and mill some off, or slot it. With aluminum, at 50 % more thickness, you will be at approx 1/2 the weight of steel.
But, I do most prefer using rod ends and a tube, makes it easier to remove wheel, as it can move 20- or 30 degrees sideways, & loosening 1 jam nut allows the backing plate to turn 90 degrees.. much easier for maimtenance..