I have not done any extensive testing on this but I find trapping to lose limb weight to gain performance is that the performance you gain will be minimal or possibly nothing... The number one way to gain performance is bow design... The second is the proper bending of the limbs... I have had very fast limbs and lost performance because I made the limbs narrower or trapped them...
I find the only way to make gains in performance through removal of stock on a limb is, One, you have too wide of limbs to begin with and excessive dead weight that should be removed... Two, If the last third or half of the limb is too stiff you can remove stock and make a significant gain in performance with a better bending limb...
If you think you are gonna make a gain by trapping or narrowing your limbs you could shoot yourself in the foot by changing the bend in your limbs for the worst...
If I have to trap I usually only trap the last half or third of the limb and I do it from the belly side being that it is easier to do with a convex surface when the bow is unstrung... I guess the back could be just as easy when the bow is strung when working with a longbow...
I like the first half of what Monty said...
I don't trap much but when I do it's on the back. My reasoning is that the belly is generally weaker in compression by the tension of the back.
But I feel you don't have to worry about trapping the belly if you are only trapping the last third of the limb... There is not nearly as much stress out there as there is just off the fades or mid limb... If for some reason I had to trap the whole limb to lose weight I would probably trap the back of the bow...
There are always exceptions to the rules... One being ( it still kinda falls under the rule) Designing a bow that is expected to be trapped... Meaning with standard square limb sides and width as narrow as you can go and the last third is on the stiff side, trap the whole length of the limb to lose weight and you might find a gain of 1 or 2, maybe 3 fps I don't think you will get more than that... To me I would only do such a thing if I was to enter some kind of contest where speed was involved such as flight shooting or the WTT contest...
Here is something to think about... If Trapping were such a sure thing in gaining performance then everyone would be doing it as a standard in building bows...