I make camera parts and much simpler parts than those arms sell for about $100.00, now we only make batches of 100 or so, these are pretty specialized.
I personally don't think aluminum is a good way to go. It bends very easily, even the 7000 series (harder than the standard 6061 T6 I use most of the time). In a crash that would not even break the plastic arms the aluminum would bend and the geometry would change.
I may make some custom arms at some point for my F550 and my S800, if I do I will post here. And I would definitely use carbon fiber with aluminum or carbon fiber ends. I doubt I could make the arms of composite and aluminum for less than $100.00 per arm, unless I made thousands of them. And I have no interest in that. There is no economical reason for me to do this it would just be an interesting experiment.
The thing is I would probably make a complete MR from scratch instead, and there is no way I can compete on price with the current options out there. These things are ridiculously cheap. And they work remarkable well.