Too many people make the mistake of lumping all of the 300 series stainless into a group and assume they all act the same.
303 makes a great stainless to use for knife hardware, and is the free-machining of the 300 steels, with the addition of a good amount of sulphur.
It is entirely unlike 304 which is gummy and very difficult to turn, tap, thread, etc.
303 is a free-machining stainless, taps, turns and threads well, and is called austenitic stainless, as opposed to 416 which is martensitic. 303 will retain its austenite structure all through the temperature ranges.
One advantage it has over 416 is that it is one of the highest in stain and corrosion resistance of all the stainless steels. Perfect for knife hardware!!
I do find it a little expensive. And, it's difficult to get a really, really nice finish on, but there is absolutely nothing wrong with using it.
I have switched to 416 lately, as I can easily locate round bars up to 4 inches in diameter, and with a power hammer and a press, make any size or dimension that I want.