Sal, The heart seems to be centered in that stave so what I would do is find the best side to be the back and reduce the opposite side down until you get to floor tiller. Once you get the belly reduced some, remove the bark and cambium from the back and seal it. By reducing it to almost bow dimensions it will dry quicker...but keep an eye on it. If it starts to warp you may have to clamp or tie it down to a form until it is dry. With the back sealed you should get some backset and the more evenly you have the stave reduced the more evenly it will backset.
On PA, a few of us are building survival bows. We are trying to keep it as simple as possible and use only tools we may have in a survival situation; ie. knife, hatchet, rocks, glass, scrap steel, whatever. No real rules but for the experience and learning how others would do it. I collected 2 hickory poles and this morning found a sassafras that came down when I was cutting firewood. It is about 2" to 2 1/2" in diameter but only about 60" long. This is pretty short so I will probably go with an Eastern Woodland or Cherokee style bendy handle bow.
O BTW, We have a month(Nov. 20) to complete out survival bows. Pat