The Black locust that I've used has been an 'improved' Indian rosewood in terms of it's mechanical and acoustic properties. It has tended to be a bit lower in density than the average IRW, about the same in Young's modulus, and much lower in damping; more like BRW in that regard. It makes a very nice guitar.
I have not heard that locust is notably sensitizing. All wood dust in problematic, and you should limit exposure if possible, but compared with any of the rosewoods, especially cocobolo, it's probably pretty tame. My violin making teacher eventually became sensitive to booth spruce and maple, so anything's possible.
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