etch, I would sand it down pass the fret. Then sand/scrape the rest of that limb and the other limb to match the taper as well as you can visually and by feel. The fret area CAN NOT be the thinnest section of the bow limbs. You're looking for 50# at 29", so you have 4 more inches to go. You might get lucky and still hit that draw weight. But, I think there's a good possibility at getting at least 40# from.
Once you have the fret sanded and the rest of the limbs scraped some, weigh the bow, put it in the dry box with humidity meter. Using a conversion table of ambient humidity to wood moister content, I would try to achieve between 8.5 and 9.5 consistently. Weigh the bow every day. When the bow stops loosing weight for 2 or 3 days, it should be good to work.
Now, since you have a weak spot where you sanded the fret out, go slowly with tillering. I would not pull it to 25" and I would not pull it to 50#, probably just 40#. Start over from brace to make sure the rest of that limb and the other limb is "spot on" since you've removed some wood without actually tillering the limbs. If you see ANY problems, stop and fix those areas. Slowly work back up to 25".
Once you get to 25" ( might go to 26" just to get over the previous hurled), then I would consider working it slowly to 50#. Again watch for problems and fix them before continuing any further.
There are others with more experience that might have better ideas. This is just what I would do.