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PhilDAS-
Definitely not stainless - it's similar to 4130 CroMo but doesn't require post-welding heat treatment which technically 4130 should have, albeit quite often doesn't get in bike frame construction. T45 is similar to non-heat-treated 4130, so equivalent broadly to 525/531 Reynolds stuff in terms of ultimate tensile strength. If you used 4130 and heat-treated it after construction it would be superior (slightly) to T45, but ain't no-one got time for that.
Brommers
Where would t45 sit on the Reynolds product scale..?
To put it another way, if you used heat treated 4130 would it be similar to t45 or is one superior? Or is it a little more complicated than that