For cutting aluminum, you could use a 1/8" 2-flute carbide cutter, at max rpm about 10 or 12K. I think it would cut OK with a depth of .05" to 06" per pass, just watch your feedrate until it is dialed in. Also, keep the cutter extension as short as possible for rigidity.
If you are going to be cutting the aluminum, an air/mist coolant blast on the cutter will keep the flutes free, and lubricated. If you try to run it dry, or just using plain air, the flutes can clog and snap the cutter.
Check out the mist coolant systems that use pressure coolant mixed into the pressurized air stream, and directed out of a .040" nozzle. This kind of mist/coolant does not fill the surrounding air with mist, and leaves very little liquid on the surface. They work great.
There are a few diagrams on the web, on how to make your own mist coolant system. The commercial one's are fairly pricey.