With his suggestion he is making a solid repair on the bug hole, and then covering with Hickory which should work just fine. I have made a lot of successful repairs on the belly of bows with crazy glue ,and in your case Ipe saw dust. I fill the hole up with red bottled super glue ,and pack the hole tight as you go ,and add a little glue . Pack it past flush,and then sand down. Either way it should be fine.JMO