Mike,
I have the same draw length you do at 29 1/2". I have 7 or 8 Morrisons, some with boo cores, some with foam cores, and some with foam cores and carbon backing. My shortest has a 14" ILF riser with the "C" foam/carbon longbow limbs for a total AMO length of 56". It is a little over 50# and shoots very well for me. I have shot thousands of arrows through it with no problems. It is as smooth and accurate as any bow I have. I have hunted with Bob Morrison with that bow and he agrees it fits me well. I also have the first foam core Shrew ever built -- a Classic Hunter longbow that is also 56" AMO and a little over 50#. Both these bows are among the best I have ever shot, as are other foam core bows I own. You don't have to use a lengthy bow at your draw length, but you must pick carefully to get the right design in a shorter bow. Try to stay with a "C" limb or longer in a Morrison at your draw. If you want to be conservative but stay fairly short, a "D" limb on a Mini-14 ILF riser gives you a 58" bow that is very smooth to more than 30" and shoots like a dream. Either the foam/carbon longbow limbs or the foam core recurve limbs will perform similarly; it just depends on your personal preference as to which works best for you.
There is everything right with the top actionwood and actionboo core bows like the Bracks, but even the great bowyers like Bill Howland recognize some of the desirable qualities of the synthetic materials. The important thing is to buy from a top notch bowyer who uses what he knows will work well and then stands behind his products. You can't go wrong with guys like Morrison, Howland, Coffey, Johnson, Sarrels, Holm (just to mention a few) and a number of the other top bowyers out there who make the beautiful bows we shoot.
By the way, I agree with Bob Morrison about the concept of giving away bows for testing. We have the best test crew in the world here at TradGang, and we spend our own money to buy the bows to do the tests. We also have the largest audience, thanks to Terry and the moderators. I like the idea of the bows going to a paying customer or a worthy cause of the bowyer's choice.
Allan