Fred, in this case, the differing opinions are not opinions that are more right, or wrong, than the other opinions expressed but are really different approaches to the same problem. They are all right.
You could clamped that log down and go at it with the draw knife just the way it is and make a great bow, or a bow that would break, or you could split it with wedges or a bandsaw and throw away the "worse" side and work the other, or work both sides and make two bows and put superglue in those checks and maybe the bow will stay together or maybe it won't.
Its not an exact science--that's actually the beauty of this craft. With your piece of wood there's alot of just good ole common sense involved in dealing with it. So go for it. Because nobody really knows if their approach is going to be the best approach for that piece of wood.
The same goes for your question regarding the tension side of a limb. It doesn't matter if its the tension side of the limb if, when that piece of wood dries and is ready to make into a bow, its not very reflexed or deflexed. The limb or trunk might look curved with all the weight of branches and foliage pulling it down but what really matters is what it looks like when all that is cut off and its laying there, dry, and ready to work. Its then that you decide what is under tension and then cut accordingly.