For what it's worth, I'll offer my thoughts on the subject. If you look at how wood is violated along a growth ring, you'll find that it's often the porous early growth that fails. (Likewise, dimensional lumber often tears out when the early growth ring fails.) The string is, in general, trying to slip down the limbs (less so the shorter the bow is). If you're not careful (and lucky) in your design and execution, that force could cause the string to sheer the "natural overlay" that you've created right off. Best care scenario is that you could just sand the area down and add an overlay. Worst case scenario is that it tears out and ruins the bow.
You could improve your design by adding deeper grooves on the SIDES of the tips, which would transfer more of the load perpendicular to the grain. Relying primarily on a groove on the back of the bow (whether as you've done it or on with an overlay) localizes the strain along the weakest orientation.
I prefer glued-on overlays because a properly prepared and glued joint will be STRONGER than the wood around it (quite the opposite of the "joint" that the early growth rings function as).
Perhaps that makes sense?