A lot of HSS and carbide router cutters for wood work fine on aluminum. It's pretty soft stuff. Are you planning to do sidecutting or just plunge work?
Sidecutting with a drill press is messy work. Most drillpresses use an unsecured taper fit at the chuck. The chuck is typically thudded onto a tapered spindle without a screw or drawbar to pull the chuck up onto the spindle. When you side cut, you risk dropping the chuck when the vibration and sideload shakes the taper loose.
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