Yup, that would do it... :(
Looks like a well, but home made, rangefinder sight. Drilled and screwed into the glass face. (I believe)
The sight can be removed, and the holes plugged, and could be a good shoooter/hunting bow for years!!! But, as far as value goes... It's not a "collectable" bow anymore.
Years ago, folks did ALL kinds of things to their bows. Sight's, bowquivers, fishing reels, were all screwed onto bows in one place or another. They worked just fine that way, and they still will today! You just won't get anywhere near top dollar for it, unless the buyer is completely clueless... (and most collectors are not)