Red cedar, Pernambucco and Panzerholz measure well in accelerometer tests but all of the hardwoods offered for the Reed arms measure fairly close to each other. To my ears, the different hardwoods I have compared sound essentially the same. The Western Red Cedar measures the flattest of the woods tested. Does that make it the best choice? Depends what you like. The cedar does sound a little softer. The sound most likely comes from not only having a different dampening factor but cedar has less torsional rigidity. In some systems, that would work fine. I personally think the hardwoods deliver more of what is in the grooves. The other factor to consider is effective mass. If you need a low efective mass arm, the cedar could be your perfect choice.
Aluminum armwands color the sound and IMHO, are a poor choice for an armwand. The aluminum tubing is a good conduit of the vibrations from the cart and the noises from the plinth/armboard mount. You have a super highway there. Of course there are different types of aluminum but most ring like a bell without prodigious amounts of dampening or other forms of regulating energy transfers. We have enough Band-Aids in our hobby. Why not do it right in the first place?
I have heard several other armwand materials and so far, wood rules, at least until we can find a 12" long cactus needle...
Armboard material is a subject for a book, or at least a full chapter in the book of audio. The big question is, what is the armboard connected to? How toxic is the mount? By that I mean how contaminated is the armboard mount with outside and internal vibrations? Aluminum can be tolerable if it is mounted to a "clean" surface but one can do better. If the mounting surface is noisy (toxic) then metal would not be my first choice. If the mounting surface is clean, then a good metal is stainless steel. Bronze and gun metal are also quite good and depending on other factors, could be excellent. For most applications, a medium hard wood is difficult to beat. Panzerholz could very well be the best overall choice for most real world situations. There are several other great choices that most would be surprised at hearing, again depending on to what it is mounted. Back to the salt mines for me.
Sean is right, the base of the Reed is stainless steel.