Woogeroo - You are correct Ipe would make an excellent bed wood. But a few things you should know. As train driver said it's very dense and does not take finish very well, also it's hard on your tools. You'll have to use carbide tipped cutters for milling your wood, and when you are done they will have to be sharpened.
I think you will find that it may be hard to keep that nice brown color, even with some sort of finish it may well turn grey. The Penofin you mentioned might the best bet for a finish.
I'd say go for it, It will look good.
george
