You could use 4"x2"x.313" (2" height) and get the same strength.
You could use a smaller size if you add a center support column. The weakest point in going to be at the ends where the weld is in place, if you reinforce that area with truss support or something similar you could get away with 2"x2"x.25" but it really depends on how the stand is designed and fabricated.
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