I had no problems using a laminate trimmer with a carbide bit and bearing for doors and cutouts. No speed reduction or lubrication. I imagine the bit is used up, but with my bits, you can never tell anyway--they are all dull!
I also purchased and used the HF shear (electric, jaw type cutter) and fell in love with it. Used it to rough out the sides (you can get it to follow the ply curves behind the aluminum), then followed with the laminate trimmer.
And as Asianflava said--files. I am sick and tired of filing aluminum edging, but it is inevitable. Lots of aluminum "sawdust" all over the shop.
Still graced with two eyes and ten fingers (due in no small part to luck!).
Just when you think a problem is solved, an uglier result replaces it.