Aside from cost, your main choices will be what most people lump under the misnomer "Cold Roll(ed)", which is a process rather than a metal type. In flat and rectangular, your likely candidates will be in the mild steel family, typically available in 1018 or 1020 easily. Most of it will come as a cold rolled (or cold finished) product. It is fairly soft, and some people have a difficult time achieving a nice finish on it, but it can be done. It does machine easily, even though it is not a leaded product like the 12L14 you mentioned. If you are machining all over, you can get burnouts from structural plate such as A36, but although it's soft, it's also rather gummy and doesn't tap all that well. Not that it can't be done. I have made plenty of parts out of it where the size or shape made it the logical choice.
Edit to comment on Paul's suggestion. 4140 is much stronger than the 1018/1020 I mentioned, and if you can get it in the size and shape you want at a price you're willing to pay, it would be much superior. It will be a little harder to machine, but not so hard to rule it out, to be sure.