From your photo it looks something like a Connexion Hinge istallation except that it would be solid,one-piece. The Hinges I have installed have held up well, but my fear in this instance would be the overall integrity of he riser wood that you would be drilling into with the screws. I would be more likely to try it if the draw weight on the bow was about 10 lbs. less or if there was some phenolic or something in the riser to add additional strength.
Another thought would be to work as much glue (epoxy, superglue, whatever) into the joint and cracked area and let it cure. Then grind the entire handle area down 1/8 to 3/16 inch in the same manner Big Jim does with his takedown bows when he is building the fiberglass sleeve. Rebuild the handle area with strips of epoxy-impregnated fiberglass as he shows on his website build-along and then sand back down to get your handle shape. He says he uses the system for 80 and 90 lb bows, so there should be enough strength to repair your bow, though it would make it a one-piece.