Mike,
I have never found need to wrap lip in cloth, thus eliminating painful process of smoothing and building bead underneath.

You will need to prep surface of whichever wood you use. When you cut hardwood on a table saw, the wood is often burnished hard by the heat generated. Be sure to plane and/or sand the surface so epoxy can penetrate. Once laminated, the lip is probably 50/50 wood and epoxy. The most concern is bonding to riser pieces.

As for purple heart, I have used it, with great results. Again, it is one of those woods that if not prepared right, will not absorb well.

Good luck.

Rod