I don't like to bend through a splice. If you do splice it and make it bendy handle, make sure you wrap the handle with cordage of some sort to strengthen it. I agree with Hrothgar, short billets are perfect candidates for a takedown as you only use 2" of each billet for the handle instead of 4" for a splice. I would say you get 4" back as the takedown allows you to butt each billet against the other instead of overlapping 4" of each billet in the splice. My takedown is 60" and I love it.
To answer your question though, many horn bows have a handle spliced in between working limb cores and then they have siyahs spliced on the tips. Of course, those joints are reinforced with horn and sinew.
Another thought would be to make a 3 piece takedown similar to the common practice in glass bows of bolting the limbs on to a rigid handle. We've seen a few of those on here. It just occurred to me that I have a thin osage stave that might lend itself to that nicely. Hmmmm.
George