Designing an aluminum Tiller

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My wood laminate tiller recently cracked on my racing sailboat. I was about to buy a new one, when I picked the thing up and realized that it weighs about 5 lbs. Now I know that I am just a tad weight sensitive on this boat, but I just can't seem to justify carrying that much weight for a tiller.

I was thinking instead of fabricating an aluminium tiller from 2x1 rectangular tubing (the right size for the tiller bracket) with a handle attached at the end. This should reduce the weight by about 3.5 lbs, and I would think that it would be at least as strong or stronger than the original. I had also thought about then drilling out 1" holes from the top and bottom of the tiller to further reduce weight.

However before I go this route, I was wondering if anyone can see a flaw in the design, or have a reason why it is a bad idea. I could very easily just be overlooking some basic problem, and would certainly prefer to know that before going through the hassel of makeing it.