Your experience with wood working tools will help in shaping the wood,but not in tillering. Tillering is number one when it comes to making selfbows IMHO. And it can take several tries or times to get the basics of it down. Its better to try simple designs first like a straight bend in the handle bow or straight stiff handled bow second. A Molly for your first is a little ambitious,but if you take things slow and take your time tillering it can be done,just not as easily as the ones I previously mentioned. Maybe try the simpler designs first for the bows you wanna make for your grandsons,and do the Molly last so you have s better understanding of how to make a wood bows limbs bend properly. Do as much research on tillering as you can,I can't emphasize that enough. Proper design is prob tied with proper tillering as the two most important factors in selfbow building and volumnes can be and has been written on each. Ok..enough of the fair warnings...
Is your source of wood split staves from trees or kiln dried lumber? Let me know cus that will dictate the dimensions some. Either way if hickory and walnut is all you have available I wood definitely go with the hickory fir the Molly and the bows you wanna make for your grandsons. You will have to keep the hickory dry otherwise it'll take lots if cast robbing set.