Good grief! You want low inertia and high cycle life, go to composites!!! Done properly, they can be reasonably priced, light and - you migh not realize this - have almost infinite fatigue life! The fatigue life is something I find most people have a counter view of. They think it will fail sooner than steel, as opposed to the opposite when well designed. Corvette springs are fiberglas or other composite now. A big hunky part like a con rod on a press (getting close?) would be a sinch to make well and BEEFY and light. Matrix "plastic" choice is as important as fiber choice. Compression molding would be a natural. Bearing journals could be finished in molding, helping with the finished part cost. Bearing races could be molded IN, making the whole mess quite simple.
If you think aluminum will fail, you need to get familiar with your crack length at failure - you'll find that a lot of stiff materials are much more ugly about this than mild steel. What loads are you producing that get within a few percent of your member's strength? Your likely failure modes are around the journals, which fiber directionality and concentration would help greatly!!!
Other than that, look again at steel, or properly design an aluminum part - not just knock off a steel part.