Will 1/8" thick aluminum plate be strong enough for what I want to do?
So you don't actually have bag mounts that are made for those bags?
I would not use 1/8",
or aluminum. For 100% holding strength in aluminum, your threads need to be 2x nominal fastener diameter.
A 10-32 screw is .189" dia. I don't think you want to use anything smaller than that for bags. That means 3/8" thickness for aluminum (if you don't want to pull the threads out).
The bag should sandwich the fender, clearance holes in everything. The threaded part should be a steel or stainless steel backing inside the fender with a thickness at least 1x the fastener dia. Torque to spec and use loctite. You'll want stainless fasteners too, never put a stainless screw in a stainless part without anti-sieze or loctite- SS on SS loves to gall.
The trim is probably a formed piece of sheet metal, a filler piece between the fender and trim could be made so you don't crush the trim piece. Then just put clearance holes thru everything. Bag, trim, fender all are sized for clearance. The only tapped part should be the steel backing inside the fender.
The fender alone, or the fender plus 1/8" of aluminum isn't really enough to do the job. Use the fine thread fastener, whatever size you go with. They are stronger and give you more flank area on the threads. Don't go less than 1x diameter and use steel or stainless steel- if weight is really an issue use titanium.
If you absolutely positively must have aluminum, use 7075- at least it approaches the tensile strength of mild steel.