I've wondered about these for a while, wouldn't it be possible to make both parts out of wood? I'm imagining the insert part being keyed lengthwise into the base portion.
The problem making both parts out of wood is strength and rigidity. By having a removable insert you are left with only a little crosswise throat plate framework at each end. There is not much beef lengthwise either. I believe that is why they were made from aluminum. The insert is dovetail shaped- wider on the bottom.