this is a very interesting topic. wildcard, i can see what you mean about smoothing it, all the pits are like little holes on the surface, which is a concentrated stress point. flotek, you have a good point about the bearings, and the aluminum's greater expansion rate and rod stretch would also have to be compensated for with squish band clearance.
but the facts still stand, we have aluminum jugs, aluminum pistons, and cases. my car has aluminum rods, and as wildcard said, many drag cars do fine with aluminum rods. granted, their not 2 strokes, but i think someone *coughflotekcough* should make an aluminum rod, possibly heat treat or shot pean it, put it thru a thorough testing, then post their findings for the world to see. who knows, maybe it'll make you a lot of money!