Hey Lance, First I'll say that I haven't built a reso out of coco so I can just offer an opinion.
I think the woods and material used in constructing a resonator guitar is just as important as those used in an acoustic guitar. The resonator just uses a metal cone instead of a wood soundboard to produce it's sound. The backs and sides contribute to the tonal quality of the reso just as they would in an acoustic.
Other things come into play here, like the type of construction, body size and depth, soundwell or support posts, with or without baffles, location of baffles and so on.
But just to simply answer the questions you asked.
Yes, a resonator is worthy of a high end piece of wood. But not your first reso . Just as you wouldn't recommend a first time acoustic builder use a high end piece of wood.
The coco should produce a good low to mid range tone and have a less edgy treble.
I know this isn't much help, but your post was looking mighty lonesome up here.
Oh yeah, right now I am building one out of Canarywood. I am liking this wood so well I am going to make an acoustic to match.