The 3/4" sq. bar might work (try it on both sides). The speed is not the issue here, you will see if mdf starts to bow when pressure is applied to the rollers, and if it does, you can always slap another angle to the outside. I would just use the angle iron cause it's easy and simple instead of making the grooves in the wood. Someone was asking if it's ok to mount it on its legs in a triangular position, yeah, but why go through all of that when it's easier to drill the holes on the flat part and perpendicular mounting will produce better support.
HDPE is a little harder then UHMW and it costs less but plastic will be plastic. There is a type of plastic (I have forgot the name of it) that is used for insulating electrical components that has brown color like the core of Formica sheets with cloth fiber within the core and that stuff is better than any of the above. Just keep in mind that your cutting head will be way out there from the sliding Z mounts and the heavier the spindle the more movement will be produce when using plastic components.