Not to mince words, but the reason mlb decided not to allow aluminum bats wasn't to reduce the amount of homers, but for fear that pitchers would be murdered on line drive comebackers.
That being said, the TRUE reason for not allowing alluminum bats is because of the mystical power of ash wood, which helps generate the power of the Horn of Yaweh. If you don't believe me, just go see the movie "Around the Horn", hopefully coming to a theatre near you someday.