I've only built one longbow, so I hardly classify as a bowyer. [&:] It shoots hard and straight though, and isn't too ugly, but I know my next one will be better.
For your first bow, which is really low on the learning curve, I'd recommend just getting some plain old action wood laminations and using brown or black glass. The glass is what does most all the work anyway. Supposedly, colored glass makes for a few fps faster bow than clear glass does. It's really limb design though that decides what kind of performance you'll ultimately get out of it.
For limb tips, try using micarta overlays. They're tough and will stand up to fastflight strings just fine. I'd put a piece of white or red glass underneath the micarta for a little color contrast to make it look good.
A heavy riser will definitely make for less shock and a quieter bow. When I get around to making a recurve, I'll be using that resin impregnated stuff like futurewood or dymondwood. It's not as pretty as exotic woods, but it's darn practical.
Once you get that first bow made, you'll have a better idea of how to make what you want. I'm not saying it'll be a thow-away bow, but odds are it'll have a few booboos. People say my bow looks practically as good as a custom but, to me, there's about a hundred little flaws that stick out like sore thumbs every time I look at it.
By the way, you making a 1-piece or a takedown?