Fancy bow, in excellent condition, worth several thousand dollars. Chester preferred the shorter bow for hunting, and I'd say he was getting the most out of the stave as he could. Yeah it is deflexed, in the inner limbs, most likely due to set rather than being induced pre tiller. It still has an overall slight reflex, and would be a good accurate bow for hunting.
I tend to agree with Blackhawk, in that if you tried a replica, you would likely need reflexed as well as recurved limbs to end up with that final profile with 1" limbs.
Not necessarily underbuilt, but definitely built by a bowyer who knew what he was doing and could get the best out of a stave. Anyone who has seen Chester's bows knows he was a master.
Hamish.