I'd work on cutting the weight down. Every 1/2 oz on the inboard tip will need 1/2 oz on the outboard tip to balance it, in addition to the usual tipweight. If it's really 1/2oz, you're net increase is 1 ounce. Plastic and plywood are lighter, and not much brute strength is needed. Epoxy board is another useful material... easy to drill/saw/mill/file, weight is between ply and aluminum. PC board is a decent source, you can etch the copper off, but it is possible to buy bare epoxyboard in various thicknesses.
A single slider, incorporating both LO guides, requires only one lock screw, less weight. Delrin is nice stuff to machine and holds a screw well, or you could press in a T-nut, helicoil or Keen-sert. Keen-serts would be wonderful, but when I bought a few, the sticker shock was awful...$6 each for 4-40's, and that was about 10 years ago. Aluminum socket head screws are available, but I'd probably just downsize to a 2-56. Be sure to smash the last few threads on the screw with diagonal wire cutters, to prevent it from doing a vanishing act.
Steve