I've used padauk on a few classicals I've built. Here's one on a 10-string I finished this past summer:
Padauk is actually a nice tonewood. It's light -- the stash I have has a density of about 0.65, plus it has a very clear, metallic ring to it when tapped. It's easy to work with files and machines well, although it does tend to splinter. I have to be especially careful when working on the corners of the bridge wings.
I agree that it would be too soft to use as a fingerboard material. However, if you're looking for a red colored fingerboard, bloodwood does make a nice fingerboard, and it doesn't slowly oxidize to a brown color the way padauk does.
If you're thinking about using it for a steel string acoustic with bridge pins, you might find some tearout, however. I notice a little occuring where the strings exit the back of the tie block on the padauk classical bridges I built.
Best,
Michael