Might be possible, probably not recomended The carbide tipped cutter should be fine. The difference between success and potentially catastrophic failure will be in your set-up. Neither the material nor the domino should be hand-held. I would clamp both down so there is no way for them to get away from you and slow feed the domino cutter to cut the slot.
In general aluminum is fairly easy to work using woodworking tools. I have cut 5/8" thick plates on my table top (multiple passes about .040" with each pass) I have chamfered aluminum plates on my router table, and I have cut aluminum extrusions on my SCMS.
Geez, I am glad you posted that tool picture!
I completely forgot that I bought a Jessem slot mortiser last year, but have never used it.
It should do the job nicely. It was really really cheap for a nice tool; but if it breaks, it breaks.
what size slot are you trying to cut.
you could use your router and det a aluminium router bit for it , or even just a good new normal bit will cut it good enough
I would call Festool customer service for their opinion. I would bet that their answer is something along the lines of "you can do it, but I wouldn't recommend it."