For hunting purposes, chicken and turkey bones make acceptable crossbow bolt making material. Not suitable for use against enemy combatants, as the bolts lack sufficient penetrating power to pierce armor. At a minimum, copper bolts are thus required for military use. Sadly, there does not seem to be a very foolproof way of preventing Urist McHunter from cabbaging onto those shiny metal bolts instead of using the slightly "fried chicken" scented bone ones, short of micromanagement with burrow restrictions and clever abuse of civilian alerts. (for bolt collection afterward)
I typically use wood for the few things where wood is simply indespensible:
Beds, Rollers, and Windmills/waterwheels.
If coal is available, I use that for making steel, otherwise, charcoal is necessary.
I guess I started playing too early, (.20d) and got used to treating wood more gingerly as a resource-- something to hoard until you REALLY needed it. back then, you couldnt make stone pots, and had to choose between metal barrels or wooden ones. Wooden ones were easier to make at the initial outset, and having enough wood to make both beds and barrels for a rapidly growing fortress was a challenge in and of itself, but I digress--- I just learned to be miserly with wood, and to only use it as needed, and to always seek alternatives.
If you have a moody dwarf, and *NEED BARS NAOW!*, then I can see making charcoal early to satisfy the requirements, so you can get the metal bars you need to satisfy an early weapon/armorsmith mood-- but my typical startup industry is cloth crafts. Light weight, and easily embellished to over 300* per item. Not very glamorous, but accepted universally by all trading races, and easy to mass produce. (even easier now, if you can get 2 or more surface plants that produce bast fiber-- say, hemp and ropereed. One can easily produce over 400 cloth per season this way.) However, there is a downside to that, in that it promotes dwarves to have clothing moods, and not the more desirable metalcraft moods. There's always something to look out for, no matter what your choices are. Still, one can trade for wood and metal bars from human and dwarf caravans, and sustain a sizable metalcraft industry, fueled exclusively by a dedicated clothing industry cranking out crappy cloth crafts. keeping the number of dwarves involved in the cloth industry to a minimum will still enable charcoal powered metalcrafting for the larger part of the fortress population.