1-Coarse grit (80 should do) to minimise heat and fouling of the drum.
2 -dust collection will help keep the sawdust from gumming up the drum and burning your lam. Sawdust is also very bad for your health on so many levels . With the coarse grit ,you get coarser dust that's easier to collect/cleanup and harder to breath in
3- You may also find you need to make a featherboard or the like for the infeed and outfeed to keep the lam tight to the fence, otherwise you will see a great deal of deviation (scallops and snipe)
4- always make your lams at least 6" longer than needed to account for snipe at the ends.
5- don't stop and start your material even for a second. It will cause deviation and possibly burn your wood.
1/16" passes might be a bit ambitious. That would be a cowboy cut for an industrial sized sander. It puts a lot of pressure on the drum and when only one end is fixed you get flex, resulting in wedge shaped profile. If you have a good quality tablesaw with a good RIPPING blade ( not yelling ,just making sure you use the propper tool for the job. ) and you surface one face before you rip , you should only need to take off 1/64"-1/32" anyway. It may seem a pain in the butt ,but if you surface 1 face before you rip, you get a true cut and you know that one face is already good. Better results/less waste.
Is there a reason for not using a planer? I planed some hickory to 1/8" two days ago and was planning to use it for backing ...
Just a word of caution. A thin piece of wood will buckle slightly between the infeed and outfeed rollers . The resulting buckle sometimes (especially on tricky grain ,knots, brittle wood etc.)will cause the blades to grab and eject ,with explosive force , wood shrapnel. If it's just the wood, you are lucky. Sometimes it's the blades too! (rare ,but I've seen it )
I hope I didn't sound like I was lecturing. I just want to make sure you guys can keep making bows and using them . It's harder to do that if you are missing didgets/eyes or dead.
. I've worked in wood shops all my life, from Mom and Pop to industrial, and seen my share of accidents. Unfortunately it isn't always the guy that makes the mistakes that gets hurt, it's sometimes the guy working behind him.
Good luck with your lams, go slow and work safe.
Dave