I used to make small music boxes with Cocobolo and gluing was pretty painful. It has a lot of oil in it and that makes it tough to glue. It also tends to warp as it dries out. This can cause cracks and splits usually along the grain. Using acetone or other solvents to remove the oil just creates a dried out area that is sure to crack at some point.
The best results I found were to let the wood dry well prior to doing anything with it. Once dry I set it up in a fixture to glue and used superglue after clamping. The thin superglue will wick into the joint if its tight. I also tried some of the new at the time gel superglue. It has to be applied prior to clamping but will fill gaps better. I do have one of the music boxes still that hasn't come apart in 20 or more years.
Good luck with your repair. Cocobolo is not an easy material to deal with. That is why its usually used in small parts like knife grips or other simple one piece applications.
Frank
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