Neolithicman--In my case, if the sleeve was glued to one limb, the bow should not twist as the tapers would not allow the limbs to migrate. Or if one or more were pinned. Otherwise, possibly.
Don--I don't think so. The current D-shaped and tightly fitting sleeve system sometimes has enough movement that the bow "ticks" at release--meaning the shot release. For hunting, that extra noise could be problem and is just annoying to us perfectionists. As a survival bow your idea would probably be fine, where you jam the pieces together and the bow string holds everything under tension so it can't come apart, at least long enough to get a couple of shots off. Over time it the connection might wobble apart, even if just a little.
Nathan--I don't think the commercial sleeves are over priced, for what they are, but still they are relatively expensive if you are making a lot of takedowns.
Blaflair2--A little twist is ok. You should post pics just to be sure.