I am thinking that if you use the right piece of wood, it would likely be fine for bows under, say, 60# draw. If you add "internal structure" it will stiffen and strengthen it better. "I" beam (sandwich)using three pieces, or similar using a laminated board (Diamond wood and similar) looks to be better. Using glass inserts along the "lines" you drew should strengthen and stiffen it also.
How about a Diamondwood (or similar)or phenolic center portion and pretty wood outer (from your drawing)separated by lines of contrasting glass or phenolic strips ? ?
Then let Greg shoot it first. . . .
ChuckC