Interesting, never heard of marlberry, let alone as a bow wood. If its like some of the other Southern US, and Caribbean woods, quite dense like you mentioned then there is a good chance it will be suitable for a bow, as long as its not brittle.
The wood being pink when wet, reminds me of stopper wood from Florida, I think its related to guava. It was reputed to be an excellent bow wood historically. It turns red when in contact with alkaline solutions.