Well, out of my own personal experience, using Alumite arrow heads, with Slime Shaft and Fletching works really well, the arrows travel pretty far due to their low weight and the accuracy is not lost, but can be abit costly.
And as for the Aluminum, it isn't used for much but making Aluminum Brass, Blocks of Aluminum, and used in some other mods (rarely though)... Aluminum and Aluminum Brass can't be used to make parts, or not much point collecting too much of it unless you have other plans for the stuff.
Also, don't forget that the bow somewhat counts too, I tend to stick with a Green Slime Tool Rods with some Firey Bowstring (only if you Natura installed as well). And it is usually a good Idea to avoid metals for the bow itself.
But if you want to know more, there is a Wiki page with a good some of the Material Traits here: Materials - Short Bows
And here Materials - Arrows