Getting the ivory bits out is the easy part... fitting the new teeth and claws is where the skilled labor will show. The nice thing about inlaying into an ebony fingerboard is that you can use black filler. Not so easy to hide a sloppy fit with rosewood or another wood with discernable patterns.
I used rosewood dust with the epoxy to inlay Honeytone #28 here. At the time, all I had was a Dremel and router base, so there's a border. I wasn't too happy with it. The rosewood darkened up a lot after finish-sanding and polishing, then oil-treating, so it hid some of the slop. I learned a lot from this one. Mostly, what not to do. There's still a "stupid" trophy hanging over my workbench to remind me of one episode.
FWIW, this one is ivory too, every individual piece is cut from reclaimed piano keys. A good friend of mine repairs and tunes pianos... and saves these little scraps for me. I use them for all kinds of things in the shop. Guess #28 won't ever become the world traveler some of her sisters have been. Come to think of it, there are at least four more banjos with ivory inlay we did; 19, 21, 25, and 26. 20 had a couple pieces of it too, but was destroyed in a fire. I may re-create that design for #30.
I'll be anxious to see Dragon Magic again, Jazzy. One of my favorite Alembics out there.