In tension, Al would be fine, but due to the very low elastic modulus (~1/3 as stiff as steel), if you put a long, unsupported slender Al column in compression, they will be very susceptible to buckling. You would need to go up on diameter quite a bit to replicate the same structural stiffness as the exact same thing made of steel...and as such some of the weight savings goes out the window.
If you made up a ladder bar with webbing in between, it could probably work, but I'd only be doing that if I were building some all-out drag truck where weight was absolutely supreme.
A thin but well designed Cro-Mo structure would definitely give the aluminum one a run for its money in terms of performance, cost, and reliability.