I've used Ipe on many deck projects, some covered some not. All tongue and groove. It does hold up very well. It needs a light sanding and replacement oil once a year if exposed to constant sun, otherwise it turns a teak-like grey. You can let it go grey if you like that look, and the wood itself will still last. On covered porches that get more shade than sun, you have to sand and oil every two years. It's not that hard of a task and takes a day to do with a palm sander.
Here's the interesting element: it swells with immovable force when regularly soaked and will buckle itself or anything next to it. With T&G deck boards this was a challenge. I took to attaching 1x Ipe boards to the underlying deck joists and then screwed through the tongue of the deck board into that 1x Ipe. Never had a buckle since then on an exposed deck. Covered decks were never a problem as they didn't get nearly as much rain on them.
I don't know if it's a better strategy to leave a lot of room in the boards for your bed to handle the swelling, or to rely on the strength of the metal and bolts to resist the buckling forces. A little bit of water won't cause this problem, the wood does not absorb water quickly, it has to be consistently wet for a long rainy season (winter in San Francisco for example).
