I personally would not make a toolholder out of aluminum. If I can take the time to machine it from aluminum, I can just as easily machine it from a block of steel. Yes, my depth of cut might will be less, requiring more cuts but the extra time involved would not be significant.
Just remember that we do this for a hobby, which means we do it for fun. Since it is all for fun, making more cuts equates to more fun, right guys??? :nuts: