What is the best steel to use to run a chain hoist 11' lifting a load of 300# max. 1" 1144 steel rod?

The choice of steel is not as important as the design. Is this a one time lift or are you designing something that will be used constantly 24-7? Will this be outside where rain, snow, dust, etc are a concern? What is the 300 lb load? Is it something that needs to be lifted slowly and steadily?