Yep, I agree with the other fellas, seal it real good or it will check. I prefer getting the bark off asap too.
It doesn't like being left in big chunks whilst seasoning, so work it down into full width over sized blanks.
Safer to cut in winter.
Sapwood is good, heartwood is pretty but can contain early stages of rot/spalting even in healthy living trees.
A sapwood back, heartwood on the belly/handle makes a pretty bow.