I agree, any of the low stretch, high preformance materials will be better!
I started shooting Fast Flight on my selfbows in 1991. Was the only high performance material at the time. I have shot 20, 15, and 12 strands of it. All are better than dacron as far as delivering the most energy form a selfbow. Heavy hunting arrows is my reasoning!
As for tip overlays, not really needed, especially on hickory. Just make sure the nocks have a smooth transition, with no sharp bends in the loops of the string at brace.
If you do use a smaller count, strand string, be sure to pad the loops.
As for the wrist slap, straight handle bows, do take some adjusting to. Just don't fight it, use a firm grip, and you may find you have to shoot it a little different than your modern, contoured grip bows. Wear an armguard, the sting from the string, can cause a break in your concentration.
Congrads on the new bow, have fun, they are addictive!