Pappy, I hate to contridict but the cambium is the layer between the bark and the sapwood. The honeycomb layer between the thick rings is early wood that is put down each year as the tree grows. The cambium is actually the only living part of the trunk. Everything else is dead wood or bark.
Bob, It looks like you will have enough heartwood to remove all but a few sapwood rings. You may need to fill out the back of the handle to make it comfortable to hold and shoot. I use shoe leather for this but you can do it with wood, as long as that area doesn't bend.