I think you've got good advice there from Jim and Terry. Jim probably builds more bows in a month than 99% will in their entire lives, so I usually take his advice to heart and recommend others do as well.
My only addition is that it's really not a lot of wood removal to go from blocky to sleek, so I'd recommend doing it by hand and avoiding power tools. The more power you have the quicker you can ruin the workpiece.
I'd probably just shape it with a half round file and then sand it down nice. You probably don't even need to start rasping unless you're really impatient or you have a light touch with the rasp. Can't tell you how many time I put bad rasp marks in a riser, had to remove a lot of material to get them out and regretted not just using a file and taking it slow.