well dont panic,, just dont take any wood off there,, make the bow a little lighter than you had in mind,,
what is the length of the stave,,,if you can tiller the bow so that spot is stiffer,, it will probably hold,,,osage is pretty tough, if you dont over strain the part any more and make a light weight bow,, it could work,, you dont have anything to loose so just take your time and give it a try, no you are not wasting your time,, you are learning something every time you work on a bow,,
next time post pics of the long string and first braced and we can give you an idea how it looks bending