You always want STRAIGHT grain on every and any bow, made of any wood.
But you can't always get what you want.
If there is any wood species that accept grain run out better than all the others, it must be hickory. You still want perfectly straight grain, but if you have to work with a piece that has grain run off, hickory is most likely to survive. I have seen some crazy grain violations in finished bows that must have killed any normal board bow. At the same time, I have also seen beginners getting immensely frustrated by repeated board bow failures due to poor grain selection. Sometimes, although with hickory this is less likely, it is better to spend more time on selecting a proper board, than spending all that time on an attempt trying to make a bow out of a piece of wood that is just not meant to become a bow. I'd rather work on a perfectly straight grained piece of red oak than on a severely violated board of hickory. It all depends on how much grain run off there is (even hickory has a limit) and how the bowyer deals with that.
I agree that you probably have enough tools for the task at hand. You might be lacking a tool for big wood removal (such as a drawknife or hatchet), but for a board you'll be fine. I wonder how you got your spokeshave broken in half...it's a hefty chunk of cast iron (steel?), normally.
