I've seen some arrows made from it, and I have one. It seems to me that it is heavy for the spine. I like my arrrows light, so I didn't pursue it as arrow shaft material. It might make good hunting arrows. I am speaking from very limited experience here, so hopefully someone who knows a bit more will chime in.
Even if you don't know if a wood willl make a good arrow, just try it and see if it works. There are probably many unfound arrow woods out there, same as bow wood, that have yet to be tried.
Sean