Jamie,
I've refinished countless bows over the last15 years and here's a few things I've learned:
If you want to remove ALL the finish use a CABINET SCRAPER along with a mill file to re-sharpen it regularly as you use it. Especially useful when you get down to the glass as it will not remove the glass and draw weight/screw up your tiller. It is a much faster way to remove the finsish if you intend to remove all of it than sanding alone! With just sanding you'll be at it a LONG time!
Then use 150grt paper to sand out the patches of finish left. Go easy with the 150 grt though cause it can remove to much glass. Finally a light sand with 220 grt to take out the scratches. And, 'yes', sand with the glass!
Birchwood Casey Gunstock Finish (a True Oil finish). I love it and Bowdoc recommended it to me a few years ago. Get the spray can at Amazon or The Bay for $11-20/can. Two cans should do ya. Cheap, easy to use and repair if the finish gets damaged in the future.
If you want, you could take a pin an pick out some of those repair seams in your last pic between the riser wood (shedua I believe) and the maple lamination then put some super glue (not the gel stuff but the super thin stuff) into the split. Several times to fill in the crack. DO THIS BEFORE YOU REMOVE THE FINISH. That way you can just scrape and sand off the excess super glue when you remove the finish.
If you chose to NOT REMOVE ALL THE FINSH then I'd sand it down close to the glass with 120grt or 150 grt then finish with 220 grit before spraying on the finish.
If you remove enough finish then you can turn those yellowed glass tips white again!
I you want to see a detailed step-by-step that I did check out this 're-finish along' I did of a Colt Hi-Power' 56" recurve last fall: http://leatherwall.bowsite.com/TF/lw/thread2.cfm? threadid=264277&category=88#3706594
Good luck and keep those pics of your progress coming!
CR