You said fiberglass backing- do you mean fiberglass mesh tape? If so, this won't mess with overpowering the red oak. Anyway. I would pike it and recut the nocks (1/2" form the tips instead of a full inch) down to about 66"-68", and make the handle-to-fade area into a concave taper to the limbs (this will shorten the handle area and get it looking all pretty). At this point, don't restring it, but bend it gently over your knee. Slowly, repeatedly. Close your eyes and feel the bend. Remove wood from the stiff spots/limb. Once it feels even, brace it at about 4" and check the bend. If all is good, try 6". Once you get it there (which will be full brace), let it sit for a couple hours to get used to bending at this shorter length.
After that, you check the bow and ease it to full draw (short drawingit first to watch the bend). Once you get it to full draw, if you removed slowly and carefully, you should have a fine 50# weapon that will really sling an arrow. Just remember, that you want the bow to be bending in almost a perfect smi-cirlce, slightly stiff in the handle, to get all the wood bending.
Other than that, you have a fine bow there, and a rally nice start!!!