Without getting into a whole bunch of complicated stuff about sound waves, let's just use the principal of a brass bell. as with any noisemaker, bigger is louder.
Different steel will make different sounds too. The more brittle, the louder and sharper the sound
If you want a loud gong, make it big, big as you can get, stiff as you can get. also let it vibrate freely, don't add any rigid extra mass that might deaden sound if you can avoid it.
a bell is loud also due to the properties of it's shape. now, making a bell out of a piece of AR steel will make it pretty dang loud, but also be rather impractical from the standpoint of ricochet. Unfortunatley, the safest position to mount a gong, is also the worst for sound. angled forward into the dirt, that's where all your sound is going.
The only options you have left for safely doing it, is to hang it the minimum angle off vertical necessary to deflect the shrapnel.
finally, where it's at make a huge difference, the range is also a sound chamber, IF your range has earth walls and is slightly sunken in, this can help you. think of it like a speaker cone, position yourself and the gong parallel to the walls as best you can, and away from any dirt mounds between you and it. the berms will focus the sound back at you.