I am using DB phenolic in some cues I am doing. I have Gab. ebony, but the phenolic looks just as good to me when finished. I do want to try some woods with more figure and color in them, but would probably either sleeve them with phenolic, or look into vac impregnating the wood somehow with a tough resin of some sort. Weight & hit issues could arrise with that method though.
If you did do It, I would go with a smaller pin also to reduce the chances of splittage, also expect the finish on the joint to chip, and dent easier as mentioned. Most wood joints sleeves I have seen, easily show this kind of wear over time, some more then others, but have seen a few that held up nice when well cared for by the owner.