Boy, you're stacking it up against you, aren't you?
I won't say it won't make a bow, but I'll say that you have your work cut out for you.
If I was going to make a cherry bow I would make it at least 68" long for my 26" draw. And like Mike said, when you try to make a straight bow out of a crooked stave, you're asking for trouble. Violating the side-to-side grain usually has about the same effect as violating the back grain. You need to lay the bow out following the grain, then straighten it with heat if need be to get it to line up. You say you're not good enough yet to make a bow following the grain, I'm not good enough yet to make one that violates and cuts through the grain. You can get away with a little bit of cheating if you're using something like hickory or osage, but cherry is pretty marginal bow wood to begin with, and at that length and a 29" draw?? I think you could probably get away with a low-weight kid's bow if you back it, that would probably be the best plan for that one.