You said: "By your reasoning..."
Well, it's not my reasoning, this comes from Howard Hill, and I was merely paraphrasing since I do not have his statements sitting in front of me. I have not looked at the mathematics on string follow yet since it has never been a major concern to me - a small amount of string follow, in and of itself is a poor determiner of the quality of a bow; it simply is not enough data. When I get a chance, I will see if C.N. Hickman, Forrest Nagler, or Paul Klopsteg ever wrote on the topic. I'm pretty sure that they did, but if my memory serves, it was only by means of a passing comment or anecdote rather than by extensive computation as they did other aspects of bow design and construction.
From what I can gather, the philosophy of bow construction has evolved somewhat over the years as regards string follow - where once it was deemed by many to be a desirable trait in accurate and comfortable shooting bows, now it is largely stigmatized. Why? I don't know... I would wager a guess that the construction of our wooden bows has been highly influenced by bows made of modern materials that are not given over to the same kinds of stretching and compressing that we see in wood, so builders attempt to make their bows reflect them because they "look better." There's nothing wrong with that of course, but by the same token, there's nothing wrong with a little bit of string follow either, and according to the mathematics (which I would be happy to share), building a bow according to the MOR of the wood you are using (not merely generic, published numbers) always results in a bow with a little bit of string follow. It is possible to reduce or eliminate this or course, but my suspicion is that in doing so, we are actually building the bow closer to the breaking point. Is a slight gain in the speed of an arrow worth losing a safety margin? I don't know, that's up to the builder.
But if someone is making the assertion that "even small amounts of set... shorten the life of the bow," it's simply not true, and I would direct any naysayer to the works of the gentlemen listed above to prove the point.