For custom hardware, like what Mapleglo is making here, I recommend 6061 aluminum. Easy to buy, machine, tap, shape with files, polish up, etc. It's a good general purpose aluminum for instrument parts. With one exception: It doesn't bend very well. If you are making up a bridge plate or tailpiece where you want to bend up a flange, then use 5052 aluminum. That's the alloy that bends and forms easily, but it's still pretty good for cutting and machining.
7075 aluminum is for parts where you need real strength and light weight. 7075 cuts and machines about like mild steel, at one third the weight. And it's also three times the price of 6061. Not much use for 7075 in instruments, although I have used it for some aluminum truss rods. A story in itself.
For brass instrument hardware, 360 alloy is the usual choice. It's the commonly available general purpose brass alloy, stocked in many sizes and shapes. Other alloys are available which are stronger or more corrosion resistant, but they are much more expensive. 360 is expensive enough!
You can do the press-in screw trick with any of these metals. With stronger metals, you need less interference fit. Or it will take too many tons to smash the screw in there. With 6061 aluminum, the pilot hole should be about 0.005" smaller than the OD of the screw. With mild steel or 7075 aluminum, use 0.001-0.002" interference.
Excellent! I have been experimenting with DIY hardware; 360 brass and 6061 aluminum is what I have. Easy to get from McMaster Carr.