Pat's answer stands. Says it all.
As for staining, sure. I usually go over the rawhide lightly with 220 grit first, and expect the finish to come out a bit blotchy. The lighter areas are likely due to oils or grease in the hide, and the darker has less oil/grease and better absorbs the oil based stains I use. That blotchy staining will also break up the outline of the bow, adding a camo effect sometimes.