It works and it's a beautiful wood. The grain is a little tighter/denser than Indian RW, some people say the tone is a little brighter but I think that's largely in the ear of the beholder and secondary to things like pickups and electroncis. Fender even used pau ferro on some fretboards for a while until the purists rioted.
Pau ferro is lovely stuff, just keep in mind that the colour can vary a lot. If you're doing a custom order and not having a 'unique choice' board, it could be anywhere from a light milk chocolate to 90% cocoa.