Cam, I think I'd pull the handle wrap, grind/cut off that leather, and glue on thin belly and thicker backing laminations extending over the handle and tapering to nothing a couple inches outside the break. You could shape the backing lamination to get that handle shape back you had. Then I'd wrap it with silk or linen thread for both decoration and strength. You might have to retiller since it'll be stiff handled, but I'll bet you can save the bow if you move the handle stress out onto a power lam. Just a thought.
I think the break is too far from the center to make a sleeve bow unless you're willing to shorten that limb a couple inches. Sleeve takedowns aren't hard at all, but normally when a bow breaks you only get one limb of the two that you can save. I don't throw any good limbs from bow failures away anymore, that's for sure. You probably could do a 3 piece takedown with it, but if you go that way I agree that you'd be wiser to start a new bow and then take your time doing the takedown.
George