Welcome to the Gang Northshore! Good to hear you will be trying to build a bow in the future. Cherry can make a fine lighter weight bow at your longer draw as long as it has a sufficient backing(rawhide or thin hickory)for protection. There are better options though, like hickory or ipe if you can get a hold of it. even better would be osage or yew, but those are hard to get a hold of sometimes. Like Brian said, if you're going to go through the trouble of building a bow you might as well get good materials and do it right. I'd also recommend getting a hold of some books on the subject to help you better understand the concepts.
Personally, for a 29-30" draw I'd stick with a 68" bow in a straight longbow design. Otherwise you may well have uncomfortable stack at that draw length.
Splitting is typically used for selfbow staves as this allows the bowyer to better follow the grain and make interesting, unique bows. Cutting with a saw will not allow the bowyer to follow the grain as well, but typically will allow more bow wood from a given tree. The sawn staves are usually backed for durability as many times grain runoff is present which would otherwise compromise the structural integrity of the bow. Good luck and keep us posted. Cheers, Matt