I think it would be possible.
Issues may be that to get the best out of the Ipe the bow would need to be as narrow and as deep as possible which might make stability the issue. Wide thin Ipe can fail where the grain is not good and the stress is high. It might be easier to make a strong bow with these materials than a light bow!
If made the right length, width, depth and strength and with the right amount of reflex or deflex I am sure that it could work.