I hope the aluminium is rather pure. Aluminium will work, but you'll need a drill press to cross drill it. If you have a vise and REALLY steady hands, you can use a dremel for pilot holes, moving up to a full size drill for the final bore. It's not absolutely the best way to go, but if you're just starting out, and you have the materials, it's a darn good place to start. It won't quite get the results of the best copper blocks, but you can decide if you want to 'upgrade' later. It's just a matter of some thermal gel and reconnected hoses.
Cross drill it through the center of the block, so your water channel passes directly over (or slightly to one side) of the cpu. You'll gain a couple of degrees this way. I'd do a pressure test on your lines when you get everything sealed up, just to see where your 'weak link' is. You don't want to get a leak right over your cpu, so I make my 'weak link' on my pump intake. Also, think about putting the block 1/4 (only, 1/4) on a hot iron and letting it soak up some heat for about an hour. This will give you an idea if your hot side exhaust is going to melt/leak.
If you are using plastic hoses on your hot side, they will tend to get soft as the heat builds up, and can slip or even melt away from the hose clamps. Try to keep your flow rate fairly high (close to 150gph or above). It produces a little more noise, but you'll keep a lot of thermal problems from occuring due to the temperature differences in the components.