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An 'upgrade' to 304 stainless won't mean an increase in yield strength and UTS.
Mild steel tubing is normally around 350 MPa (50 000psi) yield and 550MPa (80 000psi) ultimate tensile strength.
304 stainless figures are around 220MPa (32 000psi) and UTS of 500MPA (73 000psi).
Go stainless if you want it for appearance, but I wouldn't change from mild steel for strength reasons (diameter and thickness being comparable, of course).
Cheers,
Glen
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