Will sweat eat holes in aluminum?

Answer: Yes
http://i60.tinypic.com/2n9z1aa.jpg.

The white stuff is aluminum oxide (basically rust). Salt water will corrode exposed aluminum readily; look for anodized aluminum components if this is an issue. In the pic it looks like the tape held the sweat in for prolonged periods; consider less/thinner, or even the rubber grips Profile makes instead.