Cherry might not make the best sapling bow. Not that cherry won't make a really fine bow, but you might want a wider back than most saplings will provide. Although, with some rawhide or a pristine design and tiller you might have a screamer. It would scare me though. An elm, hickory, dogwood, hackberry (poor person's elm)... Something like that would make a fine sapling bow. The board route is probably the simplest way to get a decent bow though, and is a fine way to learn tillering without too many curveballs.
Now, about these hickory boards at Menards... We don't have a Menards around here, so I'm relegated to red oak for my board bows (although they do work fine). There is a Menards back up in Kansas though, so I'll have to add that to my list of things to check on my next trip back up to Manhappiness. Thanks for the tip!