I have AR500 targets and have had no problems. Different sizes make nice clang sounds. I can't speak for the A572. I'm surprised no one has posted yet.
AR-500 is extreme overkill for handguns. Most handgun targets are made from 3/8" A36 mild steel.
A572 Grade 50 steel is comparable in tensile strength (not really relevant to a target) and superior in yield strength (a little relevant). It's about 10% lower in nominal Brinell hardness, which might concern me a little bit, but not a whole lot. It might worry me a bit more if I were shooting very hot .357 Magnum or some other high-energy revolver round.
For 9mm? I would shoot it in good health. Check it for excess deformation at the end of a given range session, and throw it out if the dents are getting deep.
I have to disagree, based on real world experience.
The range where I usually shoot has a plate rack that was made by the father of one of the regulars. The plates were some sort of not-so-special (as in not ballistic rated) steel, either 3/4-inch or 1-inch thick. The range doesn't allow rifles (older, indoor range -- rifles would punch right through the backstop plate), so the plate rack never saw anything but handgun ammo -- mostly .45 ACP and 9mm.
The plates became heavily cratered. So much so that one of the guys was wounded by ricochet fragments when shooting the plates one evening, and had to be taken to the emergency room to be sewn up. After that, the range owner went to a specialty vendor and had new, 1/2-inch plates made up from AR-500 steel.
Oh, there's no reason you can't use AR-500. It's an excellent material, provided that you take care when welding. Takem23's gong should last him as long as he cares to keep it, and that's a good thing! I know I've certainly paid more just for that kind of peace of mind.
The thing to remember about your example is "mostly .45 ACP and 9mm". It only takes one guy with a .44 to start chewing up softer steel plates, and a target that lives at the range will also eat up many times more damage than a personal one.