I have had bows blow when I didn't let them rest after heating. I have no scientific proof but I always let them rest a week or so if I have really done a lot of bending. If I am just flipping the tips or making slight adjustments, I don't feel it is necessary but if I do a lot of correction, I think it helps to let them rehydrate a while. I have even wetted the stave to help them along in really dry times. I usually do several blanks at once and don't work or sell them for a long time. I don't use oil except when doing really harsh recurving.
Toasting and correcting are different things. Correcting is, well, correcting unwanted bends. Toasting is "tempering" by really heating the belly wood to make it more plastic and then letting it cool in a reflexed state to better resist compression.
Don't, I repeat, don't toast the back. Use a form without sides so that heat doesn't bounce. Better yet, use a form without sides that is only as wide as the stave to eliminate reflection of heat onto the back while toasting.