While I don't see why you couldn't, I don't see why you would either. With a high hp setup, you're already going to be taxing the cooling system, so you'll probably want to keep the stock water pump pulley (and quite possibly the stock crank pulley too). The crank and alt pulley shouldn't create any problems but you're already going to be looking at 450-600 hp (or more depending on turbo/motor setup) so why worry about an extra 5-10 hp? At that point, I'd be concerned with keeping everything safe and reliable. Save that money and put it towards better brakes to slow the beast down.
Of course, if you already have pulleys (but it doesn't sound like you do from the aluminum comment), I'd run it first and then if there's a problem, swap back to stock.