My expert, VERY bias opinion (BS & MS in metallurgical engineering with 15 year in the industry) is by your F150 before they start make them out of pop cans.
1st shouldn't weld thin Al, it severely degrades the properties. Even in heavier section its not always good to weld Al. The pre production Prowlers had welded Al frames and when the ass ends started to fall off after about 10K miles Chrysler decided maybe they needed to redesign the frame and joints. With the right equipment the HAZ (bad spot) can be minimize but no body shop is going to be able to afford the equipment at least for a while. Best joining method for most Al alloys is either rivets or glue.
2nd To cut 700 lbs out of an F150 body and still have it structurally sound the body skin will have to be so thin if you fart on it it will dent! Also when comparing Al and steel sheet the Al wont spring back like steel will.
3rd as someone already mentioned getting paint to stick to Al can be a bitch.
4th not sure if the corrosion will be better or not. Mixing Iron (frame, current 6.2 engine block...) and Al can cause galvanic corrosion. Throw the fact that both the body and frame are the ground for the trucks electrical system and now you have something akin to sacrificial anode.
Well I could ramble more but I have to wake up early and drive to Silver Lake!!!