*Edit* If you zoom into the photo until about 350-400% you can see a slightly raised dark spot on the right hand side of the handle.
Halfbow: No unfortunately it's not the glue line that failed. The cut effectively severed some of the top fibers on the belly. The resulting weakness effectively allowed the cut fibres to start lifting at the depth of the cut. Almost like when peeling a banana - the skin and fruit separate along the grain lines where the original 'break' was made.
Hmm, I'll give CA a shot. I don't have very high hopes, because I tried a similar thing with TB3 when I first saw the cut and fibres just hinting at lifting. They got covered in TB3, clamped closed, and left overnight. All seemed fine, until I noticed the fibres now lifting closer to the handle, but still in line with the grain from the original cut.
It's almost as though the TB3 prevented them from lifting there, so the force simply carried on down the grain until it could find a place weak enough to actually separate the fibres within the lam.
I like your idea of soaking the whole bastard in CA, though. The CA weight shouldn't affect bow efficiency much, since the cut is about an inch above the handle.
DC: I did scrape the waxy layer off. It didn't break along the glue line, though. It's only lifting as deep as the cut (which is very shallow. We're talking maybe three sheets of standard A4 printing paper, here).