Yes, it will reduce weight. Don't try to over think what you are doing, if you remove wood you are reducing draw weight. I'm tillering a bamboo back and belly with osage as the meat. I'm removing only wood from the sides and will tweak it with heat when I get close. Like Ron described, I'm trapping it. You just have to be carefull and remove the wood slowly and equally, so you don't make one side of the limb weaker. This will cause one to twist to the weaker side.