I think this is a neat experiment, but density differences from one piece of wood to another will make it challenging to isolate the quality you want.
For instance, you might make your slats a standard length and thickness and vary width so that their masses are identical. This way you've factored out mass, and can measure return speed without that confounding variable. This would yield useful information.
But by keeping mass constant by varying width, you would be ignoring the fact that skilled bowyers commonly vary width to get different levels of performance from wood. So you might also try using slats of a standard length and width but varying thickness to hold mass constant. This would also yield useful information, but it would yield subtly different information than the above test.
And, of course, you could hold length, width and thickness constant and vary the mass of the slat. This would also provide useful information, but again the information would be subtly different from what you learn by the two above tests.
Because wood varies so much from tree to tree and even within a single tree in terms of its physical properties, you can't test a slat from a single species and generalize the data you gather to that species. You've made a single observation, and you have no idea where that single observation falls on the bell curve that represents the totality of possible values from that species. If you tested several samples from several trees of that species, you'll get a better sense both for the average value and how variable the values are among different wood samples. Of course the better you want to understand average performance and the variability around that average, the more samples you need to test and the more time and resources you'll need to invest in testing.
Finally, I'll second the idea that milled slats might not be the best option for this test. Sure, they're easy to get in quantity. But they don't represent wood that we use for bows, at least those of us who make self bows and try to use an uncompromised ring for the back of our bow. Using slats with uncompromised wood fibers adds more complexity to your experiments in the sense that you need to source vary particular slats, but in the long run I think it makes the results more applicable to bow making.
My two cents...