For a core those minor knots won't matter Eric.
My take on core materials is this
All other things equal
a lighter core should be faster
a core should glue well
a core should look good
a stronger core should make a higher weight bow.
Lets say you three lams are roughly equal thickness, so your core lam is 1/3 of limb thickness.
if you were to use walnut at an SG of .50 vs. Ipe at an SG of 1.0 for the core, you would reduce the mass of the by 1/2*1/3= 1/6 or ~16%.
You would also reduce the stiffness and draw weight of the limbs by some margin also. Lets make some estimates. TBB v1 says that the outer 30% of either back of belly does 94% of the tension or compression work respectively. That leaves the remaining 6% of total work to be done by the core.
So if the Ipe is twice as stiff as the walnut as the SG would suggest, and the Ipe being very stiff does a bit more than 6% of the work, lets say 8%, then the walnut will do approximately 4% of the total work.
So total energy storage going from an Ipe core to a walnut core might be expected to decrease by <5%.
An even more conservative calculation, if we assume that the backing and belly slat do 75% of the work, and the core does 25% of the total work, and we again assume that the walnut does only half the work the Ipe would do, going from Ipe core to Walnut core woudl result in ~12.5% less energy storage.
So even when we make an extremely conservative calculation of two different core material and their performance, we can see that going from Ipe to walnut for a core, should reduce limb mass by 16%, but reduce total energy storage by less than 12.5%, likely less than 5-10%.
So basically what we find is that the lighter the core material, the faster the bow, assuming the core materials stiffness is roughly proportional to density.
Someone mentioned that a very light very stiff wood might be desirable for a core, and I would agree with this 100%. a high stiffness forces the core to store a greater portion of the total energy, and a low density keeps limb mass down.I wouldn't be suprised if sitka spruce actually fit this bill quite well.
FWIW maple is my favorite core material. I like the color and it glues/works well.