Way, WAAAAY overhydrated. Soaking and bloating them is not the best way..
If it is thin and relatively degreased, it can literally be dipped for seconds and removed.... it can even be misted with a squirt bottle to sufficiently soften it. You want it flexible, not swollen full of water. It's just unnecessary, and counterproductive... the more water it absorbs and swells, the more it will shrink when it dries.... which is what causes problems with coverage and adhesion. And as you found out, extreme boating will actually make it stiffen and less workable.
Also, without the unnecessary shrinkage, curling up on the sides, and adhesion issues, there is no need to wrap. I have never wrapped one.
Dean Torges wrote an article about rawhide application several years ago. This is basically the process I have folllwed with excellent results. I hope this link works. If you have any questions, fire at will.
http://WWW.STICKBOW.COM/FEATURES/SELFBOWS/gluing_backing.CFM Go to the right side of the page for the link to part two.