Sean,
Looking at lathesdotco, the ally one is def hollow.
If I were making it in steel, I think the top dovetail would be cut and the bottom one fabricated, tack welded in position then bolted on securely. If slow set loctite were used in the joint (away from the heat), it would be pretty secure, I would think. Several options of how to do it, I suppose.
The main bulk would likely be a welded fabrication as well. Wouldn't need to be as thick on the sides as the ally one appears to be – and most certainly does not need to be made of solid steel! Probably could make it with more height and no more costly in materials.