I second the paper. I use it quite a bit. Here's a couple of bows with paper backings:
Use the brown shipping paper. Apply a watered down thin layer of Titebond III to the bow's back and let dry. Then apply a generous layer of glue again to the back, slightly dampen the paper, and apply to the bow. I use two pieces with a splice at the handle and work from the handle to the tips. Makes it much easier to apply. Use you're fingers to smooth the surface and ensure proper glue dispersion/adhesion. No clamps necessary.
Before trimming, I often stain the paper to contrast the wood. After staining, I apply either superglue or Minwax's Wood Hardener (like watery superglue). Then I use a file to trim the paper and round the limbs over at the same time. Finish off with some sandpaper and steel wool and you're good to go.
The paper backings will take a lot more abuse than you'd think. It's wood fiber with no grain, so it's strong in all directions. Combine that with glue and you've got a good thing going. Plus, it's cheap!