I'll add for those constructing their own target: welding on them will degrade the hardness of the heat affected area.
The fellow that I sometimes buy AR500 plates from in NY has all of his water/abrasive cut,and assembles them to frames using regular grade 3/5/8 bolts that are easily replaceable if hit.
If building a frame, plan to make the plate removable via a similar method (hanging from a rope/chain or a bolt) and buy plate with holes already cut/drilled.
Buying a plate that is pre-drilled and then welding up a frame that can accept the plate is a good cost compromise for a do-it-yourselfer.
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