First off, thanks guys for your replies. I love this forum. Whenever I can't find the answers elsewhere I ask on here and I always get educated responses from experienced bowyers, so thank you.
I completely understand that osage is the preferred wood to use on the belly. I had thought about the problem with the thickness at the tips if I use that route (osage as the belly wood and hickory as the core wood), and that the osage would be almost down to nothing at the tips. Then I thought, "what if I use hickory on the belly? I have a full 1" thick of that, and with osage in the core as 1/4" I could get 1 3/8" thick at the handle....but I know that hickory is notorious for being superior in tension.....not compression." If I used osage on the belly and only used 1/4" of hickory in the core, my thickness in the handle would only be 1", and that's not enough thickness for 120-130#.
The strange thing with all of this is that I had just made a bamboo-backed hickory that is 66" and 82# at 32". I was surprised that it didn't take too much set, even when drawing to 32" on a 66" bow! Originally I had it at 72" and even then it had less than .5" of set, but I piked it so I could reduce the mass and raise the draw weight a little at 32". I say you learn from your mistakes, and I experiment and try something different with every bow I make...not because I set that as a goal, but because I just naturally do it.
I also love to make my bows so that they have an aesthetically beautiful appeal. In my opinion a bow is a "great bow" if it meets 3 requirements: Good performance (minimal set, arrow flight, penetration, durability, etc...), beauty (in my opinion), and meeting the specific draw weight and draw length goal that I set before even working on the bow.