Actually a lot of the TSO guys are using aluminum downpipes, probably TSM as well. Doesn't matter to me, though, because the OP specifically asked about aluminum vs. stainless, not whether either was actually used. Also, if you look at my post I gave the emissivity of mild steel as maybe 0.1 (actually it can go up to 0.5+ depending on surface finish) so it will give off a little more heat than aluminum but not nearly as much as stainless steel at the same temperature.
Also, starting with a 2.5" diameter downpipe and going to 3" will increase the surface area by 3^2/2.5^2 or 1.44 so it will give off 44% more heat even if the material is the same. Go to 3.5" vs 3" and it will give off another 36% more. I could really tell the difference in underhood temp when I went from a SS 2.5" to 3" dp.