Ipe is a weird wood. I have noticed that on really straight grain ipe that you cannot distinguish grain flow. You can however, if you have a board with run off, I'd work around that stuff. It also comes in a variety of colors,I think the darker the denser, and the less wood you need for a bow.
Don't discount osage as a baking either.
I'd like to see someone sinew back the stuff?
........That might just be a good winter time project?