I took the advice of some folks and insulated the inside of the oven box. I bought a roll of insulation that is made from a double layer of bubble wrap with heavy duty foil on both faces. It is just under a 1/4 inch thick and lightweight.
I used a staple gun to attach it to the inside walls of the box and to the under side of the box cover.
I then added two additional light bulb bases to the boards that I had made up earlier. I used 100 watt bulbs in the center two bases so now I have (4) 150 watt bulbs and (2) 100 watt bulbs.
After one hour, the temp had risen to my goal temp of 160F. I felt the outside of the box in several locations and could not feel any heat escaping through the walls or lid.
After 2 hours, the temp had risen above my goal but I consider this a good thing since I will now be able to crack the lid a bit or perhaps unscrew one bulb to control the temp.
The oven box is finished and ready for the big day.
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I have already had someone approach me and ask that when I finish my son's bow, if I would glue up a bow for them and send it to them right off the form. They want to take it from there and complete the shaping, tillering, finishing, etc. I think it will be neat to see someone else finish a bow that comes off this form.