Yes, certainly the woods you use make a huge difference. As a generalisation I would say use whatever woods produce a fine, dusty dark brown to black punk - not fibrous or gritty. A lot of people say use a softwood base board and a hard wood drill. But I find that if you alter the drill thickness this need not be a criterion.
Also, many people (including me) feel that woods with a softer centre work well as a drill.
It does depend on what you have available really. Do try the same wood in various diameters - it can make a lot of difference.
For drills I would certainly recommend elder, buddliea (butterfly bush), and philadelphus (mock orange).
Bow drilling does give you more scope than hand drilling. - Hazel is recommended by many for bow drilling but it is a no no for me as a hand driller.
With the hearth board I would suggest you simply get used to one that is in plentiful supply and stick to it until you are competent with lots of drills and drill diameters. I cut my teeth on ordinary commercial softwood - bits left over from DIY. Comes ready squared off and flat. But do split it down to less than half an inch thick I would suggest.
But don't try oak till you are truely mad.
Finally a plea that whatever drill you use make sure is spins absolutely smoothly in the socket without squeaking or vibration - all coming from irregularities just off the drill tip. Avoid any knots at the tip as well. Get rid also of any bark that can cause ragged stuff to flap about and blow away the punk.
What have your tried so far? Any pictures?