Obviously when dealing with recipricating components, mass is a crucial issue, hence light alloy. Unfortunately, light alloys have a finite fatigue life. You can calulate this. You will need the S-N curve for the material, the max' stress in the conrod and the frequency of the cyclic stress, which you will know from the RPM.
I would not recomend machining a light alloy conrod. You will have problems. I would say your most at risk area is around the gudgeon pin, big end bolt holes and the flanges of the I section. As you are a skilled machinist, I would advise you to make inquiries at a press forging facility. Get the spec' on the forging pattern they would need, make that yourself, and see if they can do the pressing for you. Maybe you could come to an arrangement with publicity at the race meets to help compensate them for there time.
[sig]<p>Nigel Waterhouse<br><a href=mailto:n_a_waterhouse@hotmail.com>n_a_waterhouse@hotmail.com</a><br><a href= > </a><br>A licensed aircraft mechanic and graduate engineer. Attended university in England and graduated in 1996. Currenty,living in British Columbia,Canada, working as a design engineer responsible for aircraft mods and STC's.[/sig]