Way to go Shondy! My first bow the same - but yours turned out much better. Mine had a hinge was less weight and much uglier but I still keep that bow as a reminder of how far it's all come. Be proud of it and hold on to it. The sheetrock tape you can do away with and I think you'll find you'll be happy to. Brown paper bags, silk, linen will do the job. Goodwill is a easy place to pick old stuff up for that purpose.
One piece of advice - start thinking about cutting staves now while your starting so they have time to season. Did you make your own string?