Yes, spring steel is usually very good material for knives, and for some other tools as well, but it is no good at all for keris.
What is required for keris is high quality wrought iron, or low carbon mild steel for the outer faces, either mixed with contrasting material to create pamor, or not, and a high carbon mild steel --- these days called a medium carbon steel --- of say around .5%C for the core.
The keris does not need high carbon material for its core, in fact, such material is not at all a good choice for the core of a keris. The keris as a weapon is used to thrust, it is not primarily a cutting weapon, and it is certainly not a tool, all that is required is material that will take an edge, not necessarily hold an edge. The softer material permits greater protection against breakage.
It could be argued that a high carbon steel, something like 01 (1%C) can be hardened and drawn to a spring temper (blue/straw) and that will provide flexibility, however, very few Javanese smiths seem to have an understanding of this today, and my guess is that in the past even less understood this. The traditional heat treat for a keris is a simple water quench not followed by a draw. This type of heat treat works very well for steels of less than .6%C.
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