More I make the more I'm learnin to go with what the wood gives ya. I could go either way on this, but I'm leanin towards not cutting it. You should be making the decision based on what specs you need outta it. If you have to hit huntin weight and a 29" draw, then maybe consider a glue up (maybe add some reflex?!?) If you aren't so tightly limited then just go slow and let the bow talk its way thru it. 1" is plenty of osage, no doubt! That stave could be pretty either way.
Scott