For me it depends. It depends on the type of bow, because if it's a bamboo backed bow and I'm putting horn tips on, I put them on first, completely shape the tips, then cut grooves in. If it's a glass bow of a design I'm very familiar with, and I know the weight will be close and long string tillering shows the timing will be good, as with wooden bows, I put overlays on first, cut grooves afterwards. If I'm unsure of timing, afraid draw weight may be light, etc I'll cut shallow grooves, just enough that a string will stay on long enough to check weight, and if I need to shorten it, will do so, cut in new temporary grooves and brace again to check it, and if it's good... THEN build up the overlays.
The more experience you gain and the more you pay attention to the little details, the more predictable things become, and the better things will move forward for you.