That's a very nice looking alloy cradle your buddy is making. Sometimes it's worth doing things like that just for the pleasure of making something a little different (and cool), whether or not it makes any performance improvement. I like the approach of using thicker than stock plates to get strength at the engine mounting points, and then machining relieved areas to reduce weight at other locations. Besides, it's visually appealing. I've seen several aluminum cradles where the builder used either the same thickness plates as the stock steel, or maybe slightly thicker, and I've always worried about the fact that they were now weaker than the steel plates at the right side engine mounting locations, where the steel cradles normally break. That area is a known problem area, and is frequently reinforced by Commando racers, usually after it has broken. The other issue I worry about is wear at the swingarm spindle in the softer alloy material. I assume you could prevent that with a good clamping design, like the tapered locks in the MKIII, or maybe steel inserts at the ends of the tube. In any case, please do post pics of the rest of the bike when you can. It's sure to be interesting.
Ken