I don't think this bow is as far gone as many of you believe. It does look really bad at first glance, and I had the same reaction as most of you at first. Then as I got thinking about just exactly what was wrong with it, something came to mind. Its really close, geometrically speaking, to a 3 piece takedown.
If you put a couple bolts through the back of the limbs where they affix to the handle and put some nuts and washers on them like a 3-piece takedown, then I think that would make this bow safe. That is if the tiller is good, especially right out of handle.
Even with a good solid glue line (which you do not have in this particular case), I would not trust it to hold against the leverage of the limbs especially at that draw weight. Yes a perfect glue line is supposed to be much stronger than the wood itself, but only in pure axial loading conditions. When you start applying stresses that do not fit these conditions (and bow limbs do not), then the strength of the glue line becomes suspect.
This particular bow is not remotely safe in its current state. That glue up is not up to the task based on the looks of it. And even a good glue up would be very very suspect in my opinion given the leverage and loading conditions present. Personally I would put some bolts through it, not just pins, but bolts with washers to spread out the holding power. You want holding power perpendicular to the limbs to keep them from lifting off the riser.