Hey there,
I've heard about this wood here in Brazil, and if you get the right dimensions for the bow, it should make an excellent bow wood.
Following is a paragraph from Wikipedia:
"The wood of the bullet tree is extremely hard and durable. It has a high resistance to insects and fungus, and is sometimes used for house posts or bridge timbers. The bark may be used for tanning leather."
Sounds like a great wood to me, I'd surely get my hands on it as soon as possible.
Good luck!