I thought this a topic we ought to cover as it had been mentioned in another context.
Jelutong is from Malaysia or that region at least (south east asia last time I looked). Now this region is notorious for unsustainable logging of rain forests. Although it is worse when they burn it for farming. At least with logging you get to use the timber. But do they replant the timber they cut down? This of course is both political and to do with forestry management.
The worst use of timber is to use it for disposable chopsticks, forms for pouring concrete and paper. I work on the theory that if you make something that lasts at least as long as it takes to grow the tree you are being sustainable. As long as they replant what they chop down that is.
Not using a type of timber is a vague protest but not a solution to the real problem.
There is a particular timber for every use. You cannot use any old piece of wood for any purpose. You have to match the wood with what you want to do with it.
In carving puppets you want a wood that is light weight, easy to carve in that it isn't too grainy, sands easily and is not so soft that it will not take the hammering a good Punch show will subject it to.
Jelutong is heaven sent when it comes to this. And luckily, for me, it is available. Which is not the case with Lime.
Now as far as I know Lime is a plantation timber and so every tree chopped down is replanted. The puppet you make from it will last as long as the tree will take to grow.
Where I stay in London is a short walk away from Moss Timber, so I went there last year. I asked them about Lime and how it compared with Jelutong. They said it was slightly heavier than jelutong but more durable.
So I wouldn't think Jelutong was ever a better replacement for Lime. Especially if you were willing to hollow out your heads.
As for price. For a puppet head you use so little I just can't see price being an issue. Time is what it takes to make a puppet, the cost of materials is not that great. The worst thing you can do is buy cheap wood that is heavy, hard to carve and may split.
Whenever someone cuts down a tree of any sort they need to consider whether or not the wood can be used in some way. A branch of fruit wood 4" thick will make a puppet head. Even the chips can be used to flavour a barbeque or smoke fish. But you cannot make a good puppet head from any old tree that is chopped down in your area. I mean you can, but it may not be worth the effort.
I like the story of Richard Codman making a puppet from driftwood but I certainly wouldn't if I had a choice to buy a nicely dressed piece of lime or jelutong.