If the wood is 3" wide x 5" high, I would rip 3" wide x 1&1/8" section (off the 5"height). Then I would rip that piece down the middle of the width into two pieces, prolly around 1&3/8" -1&1/4", after saw kerf, and careful clean up.
Not worried about the feathering of grain on the base, its fine ringed, but at a slight angle(doesn't look too severe, especially when backed). Willie's suggestion is a good idea, so you can check how much runoff it actually has, and adjust to it if necessary.
Keep note of the ends, and which face is top and bottom. Glue up like a split pair of sister billets, handle from the same end, top and bottom faces matching so you can insure liklihood of automatically having the same properties in both limbs, of the glued up bow.