I reckon it doesn't matter if it works or not, you will learn a huge amount working that bow.
A couple of suggestion:-
The natural deflex is possibly a good thing, get it partly tillered (maybe up to brace) before thinking of flippin the tips.
If you don't have much heart wood then remove sapwood from the back down to about 3/16" but do it slow and carefull as the heart sap boundary can dip and change just across the width of the bow.
That weird splice you've done will probably benefit from a thin sapwood patch over the back and some heartwood built up over the belly for extra security.
Keep you limbs wide at the tips until she's nearly done to help string line adjustment.
I think that 'scrap' bows can be some of the most rewarding as it frees you up to try new stuff without the worry that you are going to ruin a precious stave.
Have fun and keep us posted.
I think that knot looks loose. I'd pick at it until it pops out (or tap it out with a punch if it will waggle) and fill it with a plug of Yew heartwood. You can rough aout a plug and then stick it in an electric drill and hold a file/rasp against it to get it round.
Del
PS. Here's a link to thefirst post at the start of a primitive Yew bow I did on my blog ages ago. It had V little heart wood to play with so may be of interest. I also steam bend it a bit so that might be useful too.
http://bowyersdiary.blogspot.co.uk/2010/06/primitive-yew-bow.html