selection of magnesium alloy for machining

I am considering using magnesium for some components of a product, in order to make it as lightweight as possible. This is rather speculative at the moment, as we typically use aluminum for 90% of all our product design/mfg efforts. I am not familiar with the alloy designations and respective properties at the moment, and wanted to get any available feedback regarding what alloy(s) might be "best" from a machining standpoint. The types of parts would probably plate-type parts with holes and cavities milled in them, probably in the 3/8" to 1" thk range.

I am aware of some of the hazards of processing magnesium, and this is a serious factor in any consideration of usage in our product. At the moment, I want to get a list of all the pros and cons.

If anyone also has input on typical cost in your area for magnesium vs. aluminum, that is also an area I'm interested in.

Is it possible to replace magnesium with 7075 aluminum and use thinner cross sections instead?

We have been cutting lots of magisum for prototype parts,
using a dissolvable type. Personally I have no good comments
about the stuff, not really that much weight savings in my
opinion to use it.
Keep a bucket of sand around instead of the piece of shit yellow
extinguisher.

Aluminium all the way for me.