There's a lot cheaper sources of steel... I can pick up scrap pieces of steel in 2-4" thick pieces for about $0.40 per pound...
Supporting it is easy... Put a brick behind the back edge of it... Weld a couple of pieces of 1/2" solid square bar as legs on the back side of it... Put a hinge on the back bottom of it with something attached to the other side of the hinge that would bring the back edge up high enough to protect the chrony... Plenty of choices...
Or maybe have the piece of steel plate sloping the other way so that if you hit it, the bullets will deflect into the ground?
If you have access to some pieces of railroad rails, you could lay them on their side so that the top of the rail was facing you. Maybe put two of them there, just in case... Probably good enough for most handgun rounds, even with it being basically 90 degrees...