Will, Bob, Al cradles in Nortons is an ancient accepted practice, which revealed long term issues of just replacing with Al in same dimensions as steel plates. As you note its not so much the whole structure at risk but the hi stress points like mount holes. I'm just a messenger from many long term mentors. Ride expert Bob Patton above has been a major one. Run it till holes wallow out some then re-bore for 7/16" bolts, like I did to Ms Peel as a preventive. Her cradle has SS top hat bushes for the center stand pivot - if I ever figure out how to do one to clear the vital to me Patton rear rod linkage - hinge handling load transformer that is worth maybe 20 extra hp or 45 lb less mass - in corner-sweeper speed entry>apex>exits advantage.
7175 T6 is denser heavier than plain Al of 6065 TS, but I use it for high load carriers like drive sprocket and brake rotor adapters. A cradle out of 7075 might weigh almost as much as steel in same dimensions and cost a lot more than 6061.
I don't know what a turret punch is. For my fancy stuff I have it water jet cut.
I'm on look out for fairly hi riser hnadle bars, plenty of short ones out there.
May have to weld up some like they do headers to lose another 1/2 lb or so.
Same with center stand and crash bars on frame and forks.
RGM alloy yokes have to be bigger size than the steel version so only 'gains' less than 1/2 lb off but looks hi tech. Sheet steel yokes are the strongest lightest way.