will the chainring go 1st since its alum and soft??
Depending on your gear ratio, the chainring only rotates once for two or three rotations of the cog, so it will wear much more slowly. The chain will wear our first and if you continue to monitor chain "stretch" and replace the chain when 12 links measure past 12 1/16" your will get a lot of miles out of your other drivetrain components.
Its worth investing in quality drive train components if you are diligent about chain replacement. However, I wouldn't bother with the Izumi V chain. It'll wear basically just as fast or faster than a cheaper chain and won't run significantly more smoothly. So why pay 10 times as much for it?
with geared bikes it's the cogs in the rear cluster (smallest first), but it all depends on the maintenance level you keep the bike.
since there is no shifting in SS, both the cog and chainring can last a very long time. you should blow thru several chains before the cogs & chainwheel. (assuming perfect chainline)
also gear ratio counts as mentioned ^^