Ade,I think you'll find aluminium is actually more expensive than cast iron.I wouldn't use ally anyway,it's simply too soft.I know there are hard grades,but then you might as well have the weight of cast iron.It's all about rigidity.
If you come across a lump of the right size steel,that 's ok.(mine is made from a piece of old railway wagon axle).
As for size,this is determined by your centre height.The ideal position,afaik,is having the cutting tip at centre height,while the holder is also roughly at the centre of it's height adjustment.
If you make the dovetails a standard size,you can benefit from cheap holders appearing here and there.
I goofed on this front,I put them the wrong way around ,e.g. the female dovetail on the post
.This means I have to make extra holders up.btw,make or buy as many holders as you think you need,then add6!
Have a go,it's pretty much straightforward machining practice.Another btw,make sure you get a 60 degree dovetail cutter.Mine are 45