You aren't inventing a brand new wheel, it's been done. I actually prefer quarter sawn for hickory board bows, I think it takes less wood to make poundage. On the other hand, it's even MORE susceptible to humidity changes because more of the open grain is exposed to the air. I think rawhide backing will help cut down on moisture uptake, but then again, that's just opinion again.
Go for it and I think you will be happy with your results. As always, post pics!