brownhillboy,
The tip on my buddy's bow failed after about 200 shots. The other two tips failed during final tiller. Unfortunately there is no way to know for sure when such a failure might occur. Yes, cocobolo is quite hard, but the failures that I saw involved tips that were made from tropical hardwoods similar in density to cocobolo. The one thing in your favor is that the draw weight is rather light so there is not as much strain on the string groves as with the circumstances that I encountered.
The problem is if such a failure occurs at full draw, the bow is likely to be severly damaged. It is not difficult to repair a tip, why take a chance like that?
Gordon