I turned one of those GI Bows into a 2 piece takedown for my lady-friend's daughter. Certainly round those edges a bit. I wouldn't use anything rougher than 150 grit though.
IMHO cloth snake skin is gonna look like cloth snake skin. If you're set on a snake look use real skins. If you just want something decorative to back the bow with there are lots of alternatives including a wide variety of wide silk ribbons, Sharpie or ink line pattern drawing, etc.
Spray "varnish" over Tru Oil won't go well. Use Tru Oil and wax or a wood stain and Helmsman Spar Varnish.