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Looking to replace the bed on my truck due to some rust issues and was looking into an aluminum bed. But several old timers told me to stay away from aluminum beds because they tend to twist and bend easy.
It all depends what they are used for. Standard auto transport they seem to hold up fine. If they are used for recovery operations (especially off angle winching) or heavy vehicle towing (loaded pick-up trucks, etc.) , I would highly reccomend going with a steel bed.
If the support structure is good just have new metal put down and get the same
thicness as original or you will just add weight. A couple zinc anodes in the low
spots will help to prevent rust from standing water, not to mention if it is a tilt
bed or dump body parking so the front wheels are higher and the water can run
off will help. Do not leave them things raised it is a giant trap for knuckle heads
and a lawsuit waiting to happen!! Not to mention it can rust your cylinder.
A nice aluminum bed of 1/4" plate is very sturdy ... and very expensive.
The bad part of aluminum is you need a very good welder to repair it or to add things onto it vs. almost anyone can weld a steel deck and add hooks and hold downs with an ARC or MIG welder.
For your 1972 flatbed, I would go steel. The reason being is you will not benefit from any weight savings with increased MPG. A nice aluminum flatbed will not add to its resale value. So, going sturdy and cheap is what I would do.