Good that you started! Now for your questions, fast wood removal is mostly done with drawknife, farriers rasp, blockplane, spokeshaves etc... BUT: Once you start tillering the best way is to go slow and use a scraper! Fast removing tools are fine for roughing out a stave or board but tillering requires some finesse and you can mess up quickly if you go to fast.
About your other assumption, that is actually the other way around. Making the limbs thinner will quickly reduce draw weight. Making them narrower wil not reduce the draw weight very fast.
Usually when making a board bow (a flatbow I presume?) you start by reducing the top profile and when that is done you start tillering the bow by removing wood from the belly.
There are som boardbow buildalongs in the howto section on this site but the pics are probably eaten by photobucket.
Hmmm new buildalong anyone?