Grade 5 (6al-4v) is the good stuff, so for that your choice of material is fine. 2.54mm is not much thinner than the 3mm you have currently so I'd say it should be fine. For bending Ti, I just cold bend it. Be careful though, it generally has a lot of spring back, so just take it a little at a time until you have the desired angle. Grabbing it in a vice and bending by hand (and perhaps with a little persuasion from a soft hammer) should suffice.

Best part is if you bottom out on abrasive surface you should get some nice pretty sparks

Cheers
Kieren