On the metal straps...erm... If I called them metal termination blocks would that change the degree of realism?
Yes, fair enough. Good luck lifting the bench though :).
Below is a suggestion of how to approach the whole thing in principle - keeping a Turbosmooth workflow rather than using fixed edge chamfers.
There are pro's and con's to each but I've always preferred the former. With the way that the quad chamfering works these days I think it's almost as simple.
1 & 2 - Model basic shape without any supporting edge loops. As Freakaz has posted already, circular elements are more correctly modelled using minimum of 8 sides.
3 - Unwrap the mesh at this stage because the overall shape won't change from here on in. It's easy and clean to unwrap now because there's no additional edge's crowding corners where seams go.
(collapse the UVW Unwrap at this stage. You could keep stacks of modifiers as an alternative. I prefer collapsing).
4 - Select corners that you want to be chamfered in the final result. Apply a quad chamfer with the following settings (with tension set to 0 this doesn't move your original edges and basically has the effect of adding 2 edge loops at the corners).
5 - The result with Turbosmooth modifier applied. As Dubcat has pointed out, with 2 loops at the corners you shouldn't get any issues with stretching. The UVW Unwrap from Step 3 is maintained and should not be adversely effected by the chamfering. So my earlier post regarding the edge loops along the length and width was unnecessary really for the particular aim of stopping the texture stretching (although sometimes it's useful to create a more evenly spaced mesh for other purposes).
I would try and consider any supporting loops at corner edges as temporary 'pins' as much as possible that can be applied (ideally using quad chamfer for speed) and removed temporarily if required to make major changes to the basic shapes. If you are changing the basic shape then you'll have to apply a new UVW Unwrap and relax the shape again but your seams should be intact. There are obviously many alterations that are best performed without removing any edge loops that you've already applied but I've always thought it best to try and keep it so that they're not set in stone.