Yep, I've made a few. Works fine.
It's a bit of overkill, though, as ipe is incredibly strong and makes a fine self bow if you get a stave with grain that is very straight.
I do have a sinew-backed ipe bow that has "hinged" in a spot where the grain is a bit wild. The bow has not broken but it dropped a few lbs in weight and I no longer use it.
I would recommend sinew backing on short ipe bows (54" or less) with very straight grain and 40# draw weight (or less). Anything heavier than 40# should be backed with something more rigid (or a proportionately thicker layer of sinew).