Jon Magill made these recommendations regarding selection of material.

1. Avoid woods that have open pores, meaning avoid woods like walnut and ash.
2. Depending on your design and decoration goals, it often makes sense to avoid woods with striking grain patterns that compete with subtle decorative cuts.
3. Pay attention and adjust cutter speeds on woods that are more prone to burning, like cherry and maple.
4. Many of the fruitwoods are great, if you can get them and successfully season them. I particularly like plum, pear, apple and the citrus woods like orange.
5. Last but not least, consider Gorst du Plessis's adage: Life is too short to turn crappy wood.

The Wood Database is a great online reference tool, so links to that site are included on the pages accessed from this one. Images of the wood on this site are courtesy of Eric Meier at The Wood Database. As a side note, Eric has created a poster showing the woods in a form that is really nicely done. I have one in my shop and reference it often.

Eric posted a list of the Top Ten Hardest Woods. I'd bet any of the woods on this list would work well.