In my experience, to reinforce Rob's point, spindle designs are stiffness limited, therefore titanium will not offer much of a weight advantage over steel, and aluminium won't offer much of a weight advantage over titanium. Nonetheless, you should see about a 15% improvement in weight for a given stiffness, for each of those two steps. The gotcha is, of course, that with aluminium you are also going to have to watch out for strength issues, as you will be much closer to its limits.
I don't see much point in being alarmist about the fatigue properties of aluminium, real engineers have been successfully using it in high cycle fatigue environments for a long time. If you can get away from welds I can see no reason not to use it, if designed properly.
Cheers
Greg Locock
Please see FAQ731-376 for tips on how to make the best use of Eng-Tips.