What kind of bow do you want to make? Do you just want to whittle a few selfbows out of it? Or do you want to cut it up and make riser blanks and laminations out of it?
Whichever you do, you're doing to need to get the bark off the trunk, split the log into manageable wedges, paint the ends of the wedges with latex paintand let thewood begin seasoning in a dry, well ventilated place - off the ground. You've probably got a good year ahead of you before you can use the wood, so you've got time to accumulate tools and knowledge.
There are a number of good links to all kinds of helpful siteshere:
www.women-outdoors.com/traditional/Instruction.htm
also:
http://mysite.verizon.net/georgeandjoni/archer.html
If you've got a hatchet, knife and wood rasp, you've got all the tools you really need to make a selfbow.
If you're out to make a laminated bow, I most definitely suggest going to Bingham Projects and buying a couple of different videos on bowmaking. Watch them over and over. You can get forms and all the specialty tools you need from Binghams. Otherwise, you have to make your own - which is cheaper.General shop tools... as a minimum I'd want a band saw, belt sander - 2 would be even better, one flatwith a platten and one upright floppy - an oscillating spindle sander and, naturally, a Dremel tool for detail work.
A 36" flexible metal straight edge is very handy forlaying out the limb profile onall kinds of bows. A scribe with a carbide tip is nice for scratching layout lines on fiberglass backings. A half dozen stout spring clamps to clamp the straight edge in place are an absolute MUST have. Can't have that straight edge shifting while scribing layout lines!
I don't have any experience working with ironwood, but I have heard of it being used for bows, especially risers.