A few things...all of which you may (or should) know if you've done carvings in the past. Unless you have a very high skill level with carving, don't go into it blind. Have a plan of what you want it to look like BEFORE you start anything..draw it out on paper. I'd suggest even practicing it (again, if your skill level with carving is not very high), brass hinges can be great for this.

If you're doing "bio", do BIO! A lot of people will carve some gouges out of a frame and put the name biomech on it. I personally don't get this, but whatever you decide go into this with everything mapped out or you'll most likely to end up with a trashed frame that you'll be unhappy with.