I've worked Ipe down with hand tools on a couple of bows. Draw knife and a nicolson #49, made a pyramid bow and am working on another. The first broke, not because of my tools but because I backed it with what I thought was white oak that turned out to be red oak, but I digress.
What I did learn is that you can do it, and it's not to bad, but you better wear gloves! My wife had to fish probably two dozen splinters out of my mitts afterwards, especially after rasping down the belly profile and getting the sides even. Like tiny little steel wires embedded in my skin.