Yes, decrepit, I did a bit of googling on this as well, I was sure aluminium was a better conductor than carbon fibre. Didn't want to expose my ignorance though

I know aluminium is an excellent conductor of heat...
Came across a couple of manufacturing sites that said that they were using a carbon fibre/aluminium composite so you get high strength and high conductivity, from which you could assume that aluminium is a better conductor than carbon fibre.
That said, lightning normally travels on the outside of the conductor (skin effect) due to its relatively high frequency. Also high voltage does strange things... I've had to faultfind systems where something will be a dead short at 240 V but your multimeter will say that it's got several k ohms. I reckon salt water in your luff tube will act like a dead short to lightning anyway, so it doesn't matter what you use as your mast. It goes from your mast base straight through your board (which is foam/air, not very conductive eh?) so the normal rules don't really apply.
(Edit: fixed a typo so I actually have a point to the post)