Use your circular saw. Being that you allready have the 2x4's and clamps out, USE THEM AS A GUIDE for the circular. You will not have ragged edges!!!!
The only material I found suitable for cutting with a utility knife is dibond (or one of the similar products). Even at that, the material will be left with a razor sharp edge that will need filed down. For the thinner aluminums (on larger bends) you will almost always get some distortion of the material while bending. For the thicker materials....well, you allready found out how well that works.