Making New Bowsprit

[osteoderm]

The weight difference between teak and fir may be more substantial than you assume. In many respects, teak is king, but there are a few cautions: it's expensive (although these days, clear Doug fir ain't cheap either), and teak's natural oiliness repels most glues/epoxies. Yes, you can wipe the wood with acetone prior to epoxy, but i've still had problems with epoxied teak joints here in the tropics.
Is the bowsprit small enough to get out of a single piece? In that case, teak or purpleheart would be pretty cool.
As for the cranse iron (thanks Ian!), i advocate both the tapered fit AND the shoulder; this is still very traditional on both counts. The shoulder is not a substitute for the tapered fit, but an addition. In lieu of greased leather, i'd suggest a decent application of boatyard bedding compound. In any event, the cranse iron ought to be perfectly fitted to the bowsprit, and the wood beneath the iron well-sealed before installation.
It may not suit the look of your boat, but galvanized mild steel is another good material for such a fitting. Beware electrolysis out there at the end of the bowsprit! It may be best to simply go with whatever is most compatable with the metal(s) you'll be attaching to it.