After numerous phone calls, I finally talked to a warden in Cody. He said that 'he could have a problem if the bow is labeled 46@28'. He said that the situation could vary from warden to warden as to how they understood traditional bows, but that most 'would be understanding'. Clear as mud, huh?
This tells me that there is no clear answer to the question, probably due to the fact that the law is written poorly and doesn't take into account variables that are inherent in trad bows. If they are going to go strictly by what the bow is marked, then a guy who draws 30" with a 46#@28 bow could have a problem, but someone who draws 26" and has a bow marked 50@28 would be OK.
That is extremely frustrating to hear, and I plan on talking to our local warden in person when I see him, and ask if there is some sort of education that would clue wardens in to how trad bows work.
Sorry that I don't have a logical, reasonable answer, and I am embarrassed to see that our G and F folks don't have a clue about trad archery equipment.