I like walnut over elm, but did you consider yew. Yew is one of my favorite limb woods. Smooth shooting and looks nice. My 10 year old boy has a Falcon with walnut limbs. I have a longbow with elm. Both are sweet shooters. Comes down to which you like the looks of more.

Good luck. Listen to Chad he knows what's he talking about. Well at least when it comes to bows, don't take his advice on choice of hats