i would think it depends on the wood, also, if your going to have a high weight. I would think you could get away with it if you extend the tip overlays past that, maybe 6 inches for decoration and add a bit of extra reflex in the tips, you will still be able to have small nocks and it will just add some beauty to it.
and by six inches i mean just get it to cover the ring violation by about an inch, also if you are having doubts i would suggest you chase it with a sander or something because it seems like that ring is thin, maybe 10-15 mins a the very max?