I've done this to make an adult bow. I used two 1/4" red oak slats laminated together for each limb, for 1/2" total thickness. 12" riser, 3" long limb pad, and 62"ntn. I glued in some reflex and had very very slight deflex in the limb pad. It took a ton of set and draws maybe 35-40# @ 26" now. It is deadly accurate though and the squirrels live in fear, deer not so much.
So long story short, I have tried this. It will work. You're not crazy. The working portion of each limb shoudl be about the intended draw length. Maybe a little less if its low draw weight. I'd also recommend using 1/2" slats and thinning them down to the desired draw weight, leaving the base of the limb where it attaches tot he riser at 1/2" thickness (just fade it in like normal).
When I built mine I didn't use a good jig for the bolt/alignment pin. That was stupid and theres play in there. I'd recommend looking into one of the Bingham Takedown limb drilling jigs and hardware kits.
I'm working on another all wood adult takedown and I will be using this jig.
Good luck and keep us posted