All I did to undercut and backcut the valve was chuck them in a cheap small drill press, spin them, and use a file to reshape them. I eventually used a dremel with a grinding stone as that was faster than using a file, then sandpaper to polish them. I probably reduced the weight by 8-10%. Could have done more, but I was in a hurry to get it back together. Lathe makes it go faster obviously.
I'm tellin ya', light weight is key. An aluminum retainer might not be as strong as a steel one, but since it weighs 1/3rd the weight of a steel one, there's less stuff reciprocating and the valve can shut quicker, and the retainer will see less force, so even though it's not as strong, it's stronger for the application.