Why?
It doesn't really matter exactly what the original composition was as long as you can achieve the same, or nearly the same, mechanical properties. Silver Steel is just a readily-available oil-hardening tool steel, and probably has a better balance of properties than the steel that Thornycroft used. The fact you can buy it from Cromwell on a Saturday morning is just a bonus.
If one wanted to be really careful it would be possible to hardness-test the originals and temper the new ones to match.
Not that there is anything much wrong with pressing a sleeve into a standard bearing to recreate the same function.
I will point out for Steve's benefit that if you can get 120m/min (or more) on your lathe at the diameter in question then a CBN insert will machine bearing steel. In a rather spectacular way, and to a lovely finish. That DSG mentioned earlier would be a great candidate for that.