I am sure LOTS of others will get in on this, but here are my feelings.
TB3 is a good glue, TB1 is better. I have read in several places that the stuff to make the glue waterproof makes it weaker. I have built several laminated longbows and R/D bows with the TB1 and have never had a failure due to the glue (had them fail for EVERY other reason, just not glue). It's very important not to starve the glue joint and ensure even application.
I always put some sort of waterproof finish on my bows (poly, spar or etc.) so why trade strength of glue for waterproofness I don't really need.
All that being said, I switched to 2 part Smooth-On two or three years ago.
OkKeith