I redone a old bear grizzly sevral years ago, it was in ruff shape when I started, the finish was cracked and ruff and had wood screws in it wher some one had tried to mount sites or a quiver.
I didnt get to agressive with the sanding,I was concerned that the heat genarated by sanding mite warp the limbs, and only went far enuff to remove the old finish and any places in the wood that needed slicked up.
The finish I used was minwax satin polyurathane (didnt want a shiny finish), make sure and wipe the wood down and remove the dust and feel for ruff spots, spray on your finish and let it dry real good, vary lightly resand it to remove any less than desirable places and give the next coat something to adhere to then recoat it agian, I gave mine about 4 thin coats.
To top it off I put on a new string, material on the shelf and a set of beaver balls (I still cant say beaver balls with a straight face), looks real good and a blast to shoot, have fun with your project.