I did a lot of research on this several years ago. The man you want is Bud Ellis who runs "Horsin Around" 302 Walmart Drive, Soddy Daisy, Tennessee. That's near Chattanooga Phone 1-423-332-1111. I talked with Bud several times in July of 2003. "Horsin Around" is a carousel carving school.I don't know if Bud is still around but this is a good place to start. There is also a very good book on the subject by Frank "Bud" Ellis & Rhonda Hoeckley "Carousel Animal Carving" Sterling Publishing`Copyright 1998 ISBN 0-8069-0305-8
There's also another book "Carousel Horse Carving" by Ken Hughes Fox Chapel Publishing, Copyright 1996. This is a step by step instructions for carving a 1/3 scale horse. BUT! as Bud said that's one ugly horse.
Good Luck
Pop