Stellapod:
The manufacture's guide that I use to order steel has all of the chemical and mechanical properties for all of the steels that it sells. We use this guide quite a bit at work because for some things that we build or repair we have to know the exact chemical properties of what we use , to make sure that it is compatible with the system that it is goin into. In case you are wondering, I work at a Nuclear plant and they tend to be anal about certain things. The content of various stainless steels is one of them.
In the guide it specifically states that the "L" designation means the addition of a small amount of lead to improve machinablity. In some cases, the addition of lead will improve machinablity up to 50 %, which makes quite a difference if one is turning it on a lathe. This "L" also applies to carbon steel, one of the carbon metals we use the most has the designation 12L14. It has exellent machinablity, it is rated near the top of the scale.
We have had several discussions over the years about the "L" designation with our metallurgist's and our mechanical and nuclear engineers about the potential effects of the lead additive on some of our systems, mainly our emergency cooling water and our primary water systems. With the high levels of radioactivity that we see with our primary water systems , it sometimes has an adverse effect on some steels, even stainless. The radioactivity tends to shorten the usable life of stainless by making it more brittle and prone to crack over a period of time. This can and does cost the nuclear industry major bucks and is a problem that they constantly struggle with.
I may have told you more than you care to know. Just to insure the accuracy of my info, I went back and checked the quide on propertys of stainless and the chemical designations of each, and no where did it mention that the "L" in it meant lower carbon. If you can show me some info on it or point me in the right direction, I'd sure like to see it.
"Some grades of stainless actually become more magnetic when machined"
That would be an effect that comes from "work hardening". It is very noticable when drilling a hole in stainless. If you happen to let the bit dwell in the hole you are drilling, you will notice that it becomes more difficult to drill the hole. Or if your bit is dull, it tends to work harden the piece even more.
Im still in the learnin mode and learn stuff here evertime I get on this forum. If Im wrong in any way, do me a favor and let me know. You might even save me from makin a fool of myself.