That's a similar concept. Finite element analysis relates this type of force to springs using the formula f = kx, where x is the distance (amount of deformation here) and k is the spring constant, which is this case would be a function of the modulus of elasticity (a material property) of the bat material. Aluminum has a much higher modulus of elasticity, and therefore a higher k value than wood. The obvious trade off is that the amount of deformation of the wood (or x) is obviously going to be greater than the aluminum. But the force is going to be a constant. So f = kx for aluminum should actually be the same value as f = kx for wood at contact, but this is only true in what science and engineering students call "Physics Land" (Physics Land is a mythical place where those students get to ignore the effects of friction, air resistance, and the Law of Conservation of Energy is kept simple.).
The reason the two forces will differ is because we are not in Physics Land, but in the real world. And in the real world, the wood will experience a higher degree of plastic deformation, or permanent deformation, and this will cause a significant drop in kinetic energy, as energy can be lost here, and the Law of Conservation of Energy is not kept so simple.
Those newer aluminum bats you mention are operating on the idea of changing the elastic deformation of the bat to a value as close to 0 as possible. No deformation means f =kx = k*0 = 0. Although it probably never quite gets there.
If we bring this back to corking a bat, cork is softer than wood and more ready to experience plastic deformation, which reduces the f = kx applied to the ball. If a batter used a bat made entirely out of cork, the bat would dent and probably break on his first swing, which obviously won't help. A player swinging a corked wooden bat would experience more deformation in the wood, but also more plastic deformation due to the hollowing of the barrel, reducing the amount of kinetic energy transferred to the ball. And if the deformation is too much, what can happen is similar to a loosely strung tennis racket, where excessive deformation of the bat becomes detrimental. There is a point where that happens as well..