Ok, heres the skinny on bogwood and pH. Bogwood contains tanins, and those are slightly acidic. There is also the biological activity, such as decay, that can create acids. However, the amount of acids produced is usually buffered by the carbonate hardness of most water. However, if the water is very soft, it can cause a shift in pH over time. Most likely, however, water changes will replensih the carbonate hardness before that can happen.
There are two issues with regards to adding bogwood to a tank. One is the aforementioned tanins. These are substances in wood that will "leak" out and stain your water a brownish color. This will eventually go away, as the wood leaches it all out and you remove it with water changes. You can speed up the process some. Soak the piece of wood in a weak bleach solution for a week, with a cover on the container. Then, remove the cover, rinse off the wood, rinse out the container, and then soak again for about a week. This will help to leach out the tannins before placing it into your tank. Just make sure that the wood is free of any bleach before you add it to the tank. This will also help with issue number 2.
Wood floats. There is only one species that will sink, and it's not used in aquaria much, if at all. You should presoak the wood until it becomes waterlogged. You will have to put some stones on it to keep it submerged until it does. This time will vary depending on the size of the wood.
Hope this helps!