In response to your query in line with grain size and using Mg-Zn-Zr wrought alloy as an example. Grain refinement by Zr would manifest in increased strength of the alloy and a corresponding loss in age hardening response of the alloy. In other words, strengthening mechanism by age hardening is not favoured by grain size refinement.
OK Khausik, I think I have a reference material by KK Alaneme (my undergraduate project supervisor) that should come in super handy. He is an expert in this field, you can direct your further queries to him via his email (check the attached article for his email). Just tell him, the recommendation comes from me.