Unless the Wing wood is significantly stiffer then the neck wood (neck through being basically the only time a bass would have a different central beam compared to body wings) which is almost never the case, the wing wood doesn't really matter for tone (if you believe that wood effects tone at all.)
As for F-holes, on chambered instruments like a Thin line Tele it's basically just aesthetics I doubt anyone actually experimented with size and placement to get the best acoustic sound. But on acoustic instruments, arch top instruments especially, the F-holes serves a couple of purposes. In a way they do "help hold down the boomy low notes" but more generally what they do is help tune the resonance of the instrument much like a ported speaker, but unintuitively a larger sound hole actually decreases bass response and a smaller sound hole increases bass response. A bit off topic but something else that F-holes do is weaken the otherwise very stiff top of archtop instruments allowing more movement, more air moving, and thus higher volume.
As for the shape it was refined long ago for violins and other "classical" instruments to give the most volume, I'm not sure if it was similarly researched for its application on guitars but I would assume that there was atleast some experimentation with size and dimensions.