Your only concern may be breaking into it. As fun and addictive as a heavy bag is to pound on a hard session is hell on your elbows and shoulders if you don't break in gradually. Allow the cartilage and other white tissue to get used to the impact and compression so they have a chance to add more collagen before going hog wild on them heavy bag. Alternatively a wave bag is not anywhere near is punishing. YOu may want to start with 1-2 3 minute rounds on the heavy bag 2 times a week. Then add a round after a few weeks. Although if you enjoy kicking and kneeing as well and haven't purchased either one I would go with the Wave bag. You can practice kicks, use the stem for conditioning your shins to check kicks. Lots of benefits to them. Other option would be a water bag which is more like hitting a person than hitting a heavy bag.
A nice little circuit is 3 min heavy bag, 30 seconds rest, 5 min jump rope, 30 seconds rest, 3 minutes shadow boxing with footwork included, 30 second rest and repeat. Comes out to a little over 20 minutes of HIIT training.