True Mahogany, the cuban or Honduran stuff (a fawn colour) is really dull for a small piece like a pen, and in my opinion, is not much better for anything larger if you want pattern and character. It was used extensively by pattern makers because of it was easy to cut, finish and was totally stable. The stuff that Ian has is not true Mahogany, but African Mahogany, a member of the Khaya species. There are so many varieties of this that to generalise by saying its good or not for pen making would not be appropriate.
Try it and see, if it looks good then run with it otherwise ditch it and use the mahogany for something else!