Well, I've got an aluminum flywheel for my '63 Fairlane, but it's N/A and it will be FE powered, much like 67GT's car and big blocks have torque, so I'm not sure your concern is valid in this instance. Totally different application, totally different car with totally different suspension.
My Fairlane will be a drag only car, 67GT's might be a street car with occasional 1320 jaunts. If that is the case, I'd likely go with a steel flywheel. Also, there is a difference between a steel flywheel and a cast iron flywheel. Steel ones are usually SFI approved whereas no cast iron one is. Cast iron has a tendancy to explode with a lot of shrapnel, so a scattershield is usually warrented if you're going to be making 'sprited' clutch dumps, but I'd get one in any case, piece of mind if nothing else.
390/427 are 0 balance whereas 428's are not. I believe that the 429/460 is 0 balance, but don't go off my word.