From what I can tell by photos (there's no substitute for examining in person) that board looks pretty good to me.
Given that it's a kids weight bow and the grain is pretty good, I would recommend that you go for something that won't really add substantially to the draw weight just as insurance. I can't say how applying fiberglass cloth with titebond would go, but properly using fiberglass cloth with the epoxy would add substantially to the draw weight I think.
Personally, I would go for either cloth (linen or silk), or paper. If you want protection from injury in the event of the bow breaking, put a layer of drywall tape underneath there.
On my first bow, I went with the drywall tape under linen style. I cracked its back on the tillering tree right near the end. I hoped against hope that the distinctive popping sound was just the tillering tree settling or a twist coming out of the pull line or something like that. It turned out that it wasn't, but even so, with a cracked back, I managed to finish the (bad) tiller and shoot it for about a half an hour before a distinctive white line really showed in the backing and I wrote it off as completely unsafe to shoot. If I hadn't backed the bow at all, I'm sure it would have just shattered right on the tillering tree. That I shot it for a half hour with a broken back should serve as a testament to how safe that setup can really be.