1. Thickness 1/8". There is a difference between how thick flattened boo is when left full width, and what it is once the piece gets trimmed to front shape of the bow. The exposed edge near the tips will appear thicker after trimming.
Many people avoid this by tracing out the shape of the finished limb on the underside of the boo, and pre trimming it, before taking it down to its final thickness. The edges of an ideal trim job, will come to a knife edge, or very close to.
Dean Torges video on the Bamboo backed bow, is probably the best source on how to prepare bamboo.
2. You only remove thickness from the underside
3. For most types of boo, removing the node, will dramatically increase the likelihood of it breaking or pulling a splinter at that point.
4. To flatten, some kind of jointer, hand held electric, or a flat belt sander, is quickest. A knife or handplane can be used but the going will be slow.
I usually bring the slat to its final shape with a handplane, or scraper plane.
5. It is possible to split into strips, a narrow diameter pole of bamboo, so it can be flattened. Most people don't because its a lot more work. You might need to track down a thicker bamboo pole eg 4" dia.
Sapele probably won't be strong enough to resist the compression from the boo. White oak would be my choice of the woods available to you at the moment.
Plenty of guys have made good self bows from crepe myrtle.