I'm not an expert, but important qualities of instrument wood would appear to be for me uniform growth, slow and even drying, age, the way it is cut etc. I think that is where the real tonal qualities - and the costs! - of instrument wood lie.
Basswood seems to have a bad reputation, which I would guess stems from a large number of budget/entry-level guitars made in the 80s featuring that label. I have no doubts that a high quality piece of basswood would sound good.
Maybe in time the much overused label "mahogany" will start to get a bad rep, as a bad, muffled sounding and not very resonant wood. It seems every second budget guitar now needs to have the label "mahogany" for it to sell. There's no way all of those use proper "legendary Gibson Les Paul sound quality" grade mahogany, I bet they are made of whatever African or Asian wood is particularly cheap and can be passed off to buyers as mahogany after dying it red.
Maple, ash and alder (I think) are more sustainable woods, I think they are the future.