Do you have an unbraced before pic? Is the center of the bow where most of the set was? If so, I'd say the damage was already done and the fix probably won't hold with 3 1/2" of set. Not meaning to burst your bubble but most of the strain in a bow is at the fades, glass or wood, and until the tiller is straightened out the problem will persist. Proper tiller has both limbs bending evenly and together. The leverage of the limbs will probably keep stressing the bow in the same place.
Steam allows the wood to be bent but doesn't add any strength so it will probably go back to where it was.