You are definitely thinking outside of the box. I like that it also narrowed the handle since it should make a wider variety of arrows to be used. I do wonder if (maybe) your original design might be combined with the rawhide design. It seems to me that the two pieces of wood could be used to fill the void on the sides of the rawhide and hold the rawhide down better as well (after being wrapped). Good job. 
Yeah I think that would be a good idea, I don't love the gap between the rawhide and binding and adding the wood back in would solve that and allow for a solid surface to glue the binding to. I also want to potentially replace the binding with something more solid and durable, probably some kind of braided rawhide band that will tighten over the joint. Lots to try, glad you like it!