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considering the weight advantage of aluminium over steel
What weight advantage? The early aluminium frames used the same tube diameters as traditional steel, and sacrificed some stiffness in exchange for slightly lower weight. The lower density material does let you push the oversize thing further, so the really light aluminium frames are super fat. If you optimise both materials and compare like for like on stiffness and strength, there's no more than a pound to be saved with aluminium.
Furry muff.
Even so, considering the weight advantage of aluminium over steel (and the pool of reckless talent) it's still surprising to me that there weren't any "ally" bikes in the Fifties and Sixties.