BSV,
If you back it with natural bamboo, it would work. My first bow was a "self bow" out of bamboo like that, took 4 inches of set.....40# though. I then backed one with bamboo @ 45#, it was a very smooth shooting bow. Look at Sam Harper's site poorfolkbows and follow his bamboo backed ipe bow. Alternatively look up Roy's recent trilam build. Enjoy...
Pete