I think that's a great idea. I have a bit of experience with lovespoons, so I'll offer a few thoughts. Not sure how much carving experience you have, so I apologize if any of these are too remedial. For wood, I'd suggest lime or sycamore. Lime is the easiest, but also softest. The harder the wood, the slower you have to carve, but it is also stronger, so you may be less likely to break it. Lovespoons are usually sanded to rather a fine grit - most lovespoon carvers I've talked with go at least to 800. Also, most people I know finish with oil and wax, or perhaps just wax. Some finish with lacquer, but the oil & wax seems to give a warmer, satiny finish, and brings out the wood grain a bit more. I've actually simply used a soft pencil on the back of a pattern then went over it against the wood to transfer it onto the wood before. It may have been a little light, but then I just went over it again directly on the wood with the pencil.
All good advice has been given so far - don't rush it, and keeping it simple is probably a good plan. You can probably do a lot of things with a straight knife, if that's what you had in mind, but you'll probably want some sort of bent knife or at least a gouge to hollow out the bowl. Oh, and keep your edges extremely sharp. You should never need too much pressure - dull tools take more energy, split wood more, and cause accidents. You may have some trouble making the deepest part of the bowl smooth - so just try not to split it, and then sand it smooth. Also, when scooping out the bowl, you'll want to carve either parallel or perpendicular to the grain. And, when you can't do that, to help avoid splitting, carve so that the grain goes from shortest to longest underneath your cut. (in other words, there is a longer grain supporting behind the fiber/grain that you are cutting).
Also, if you do any knotwork, it's generally considered important to make the over/under pattern always alternate. It's up to you whether you completely have them alternate, or just suggest the over/under with a shallower cut. Also up to you whether to carve the back, as well. Personally, I think it's nice to carve both sides. I even hide extra details on the back sometimes.
I think, probably more importantly than any of this, though - whatever symbols you use, make it personal. Like, use her favorite flower, or something else important to her. Lovespoons are so full of heart and sentiment, that personal touch pervades everything else about them. Good luck, be careful, and have fun with it!