You can make the coating as hard as you like. The aluminum underneath is still soft, and will deform upon impact. If you have a hard coating over top a soft substrate, you've got a recipe for chipping.
+1
You have to have a hard substrate, like Ti, or even the highest HRc coating will simply have plastic deformation as the substrate gives under load.
Hard chrome, in relative terms, runs 68-70 HRc, is often used in industry for extreme wear parts. But the typical hard chrome plate is only .020 to .050 (although it can be applied more heavily). Put it over butter soft Al & you're back to square one.
My 'work' lights are both Ti ... my after work lights are Hardcoat Al. In a clean pocket without keys, coins or change, they look new forever. If that isn't an option, consider Ti.
a custom light made of solid Steel alloy
Good idea ... plate it inside & out with hard chrome & you'd have a nice light. No need to have something special forged, when you can buy 4140HT (aka 4140 prehard) from all the online metal suppliers, and it isn't expensive.
The real problem is that this becomes a do-it-yourself project. All the high end light makers are already working in Ti, and I'd be shocked if even one would make a steel light for you. You can have a small machine shop make a one-off, I'm guessing in the $200 to $300 range for just one, less as quantity goes up. Much cheaper to buy a Ti light from McGizmo, Muyshondt, or a Surefire Titan ... only $400 to $500 for one of those including the complete head, ready to run.
Aluminum is popular because it doesn't rust & machine cycle times are short, plus tool life is long. Ti less so, as material is expensive, slow cycle times, short tooling life, etc.
Ti is the quick & easy (and elegant) answer. Once you get over the sticker shock, you'll want more & more:twothumbs