Perry,
Does your bow bend through the handle? If it is a bendy-handle bow you could most likely pike an inch or so off of each end and still be able to safely draw 27.5”.
I built a 62.25” Osage flatbow with a semi-bendy handle that easily draws 28”.
Also - from what I have read through many posts in this amazingly informative forum is that most people only experience slight draw weight additions from heat-treating an Osage belly. I heat-treated that 62.25” Osage flatbow of mine and picked up maybe just a few pounds of draw weight.
Now that I think about it a little more, I was just about in your exact same shoes (other than maybe your handle...) - I came in underweight on about a 64.25” Osage bow. It was my 1st stave bow & I finished her out at a disappointing 38 pounds @ 28”. My steps from there were piking an inch from each tip, heat-treating the belly...and then just getting lucky and having the bow gain weight from drying out (cuz I mistakenly thought that the stave had reached its equilibrium moisture content-wise). After I piked it 1 inch I gained the fairly typical 5# of draw weight...and then after I heat-treated I gained 2 or 3# more...and then after another month or 2 I gained about 7 more pounds from reduced moisture content. That Osage bow ended up being 53# @ 28” (although it now stands at 49# @ 28” because I have tweaked the tiller a little and thinned out the tips twice).
So, all that being said, and assuming your wood was dryer than mine when you started turning her into a bow, I would think that you could likely add 7-8 pounds of draw weight by piking an inch & heat-treating. And maybe the newbie bowyer gods will look favorably upon you like they did me and grant you added draw weight (without the added set that tillering a wetter-than-ideal wood bow usually provides!!)...