I don't think you can have a tempered belly without at lease a little carmelization color. I guess you could cook a bow at low temp until the M/C is reduced enough to increase the compression strengths of the belly but that would also reduce the viability of the bow in general.
I think you are right, Pat, but for Snowplow's benefit I'll say WHY I would be very careful with low, slow heat.
Heat transfer thought materials is a funny thing. If you have a very high heat source, like a torch, You can burn the first millimeter thickness black in a couple seconds, while three mm down into the wood is still ice cold (well, room temp, but you get the idea). Likewise, if you started with low slow heat and allowed the heat time to transfer from the surface down deep into the wood, the heat distribution through the thickness is much more uniform. In tempering bows we have to hit a balance. We want that scorching to go deep into the belly, but if the time and temp are too high, that dryness and even cooking level of heat can transfer all the way through to the back. A tempered BACK is a terrible idea, whether it comes from blowback due to a bad form design, or direct heat on the back, or even if allowed to come from the belly and cook all the way through.
So, when we are doing this, you have to find that balance between temperature, wood thickness, distance, and time. @ 5 minutes is often suggested, but if the limb is already only 3/8" thick, maybe less time but with the hotplate closer. I also keep hearing about people putting a wet strip of towel or something between the caul and back to protect it from blowback or overheating, and that seems like a good idea.