Well, when I build all wood bows.. I make sure the grain is straight as possible running along the length. Now, with fiberglass... there is no worry of the wood splintering under the glass.. so I would not worry to much about your grain.
Here is a pic of the Walnut I am using. As you can see, the grain will be all over the place, but I wont worry to much.. it will be under clear glass and I am only making this bow around 35lbs.
If I was going for just PURE performance, I would get wood that the grain is completely vertical.. or parallel with the length of the limb.
If you where building an all wood bow.. it would really matter.. but using fiberglass, you will really be just fine.