Lad,
I applied snake skins to my glass limbs for my take down recurve. I applied them just as you stated above. I roughed the glass up with 150 grit sand paper, laid a bead of TBIII down, laid the skins down, waited until dry and cleaned up the edges. After that finish them however, spray urethane, TruOil, etc. Mine are holding up very well. See my image to the left by my name. Good luck.
-Jeremy