To answer your questions;
1. I'd use steel. FWIW - I purchased steel C channel from a local welding shop at a very reasonable price, they even cut it to the lengths I needed. A machinist friend milled slots into the C channel for me and I spray painted them black. A very economical option vs. purchasing powder coated C channel online. It's not like one sees the C channel or even know it's there in the bottom on the table top.
2. 1/2" legs on the C channel should be sufficient, that's what I went with. I made a hair pin leg table out of some locally sourced red oak slabs. My table dimensions are 63" x 32" x 1.5". I installed two lengths of C channel in the bottom of the table for safe measure against future warping/cupping. My table looks something like the table at this website: https://www.modernlegs.com/make-desk...in-table-legs/
Also, I finished the table with Rubio Monocoat. I'm very pleased with Rubio Monocoat, from ease of application to look and feel of the finished product. The table is my home office desk and replaced one of those foldup plastic BORG tables.