I've done 3 Ipe/Bamboo bows. I've never worked with hickory as a backing though. I don't see any problems with your bow dimensions as they are pretty close to what I ended up going with, and I also have a 29.5" draw. One thing I will mention with you being a beginner (As am I) is that adding that reflex/deflex adds a lot more difficulty. You can't use a tillering gizmo with this style bow. I had 2 bows fail on me because I took too much wood off of the reflex area, so keep that in mind if you do decide to try the reflex/deflex.
Ipe is a diffuse porous wood, meaning that it is growing all year in its tropic environment, and the wood is dense throughout, so grain orientation isn't as important as in other woods. That being said, it doesn't perform well in tension, so I would leave the Ipe 1.25" until after you glue in the backing and reflex/deflex. I had one break on me during the glue up stage, and since then I leave it full width (from the top view) and I haven't had any problems.