I wouldn't really see this as an IPA. It meets the IBUs I suppose, but you won't really have much flavor from your Amarillo additions, and with 1-lb of crystal 40 and 1-lb of honey malt it will be very (cloyingly?) sweet.
The vanilla is an interesting thought, as oaked IPAs are not uncommon. Here's my two-cents, and feel free to ignore, since I'm not talking from vanilla-IPA experience here. I can't really see the American, fruity, citrus-y hops going well with vanilla. I would go for a British style IPA dropping the crystal and/or the honey malt a little bit. Magnum would still be fine for bittering, but use Fuggles or EKG or maybe even Northern Brewer which has a woody and, some say, minty taste for finishing hops, and go with at least 2oz. I would cut back the oak to 1oz and only age it on oak for 1 week, the bourbon would be optional too.
At any rate, take my thoughts for what you see them as worth. I think it sounds like an interesting experiment!