I would not let my son go by himself as a newbie bowhunter or with another young friend who may/may notalso be a newbie, however, I would not feel one bit bad about taking him (and letting him hunt) with me, as his parent, even if I did not have the "one year's experience" required by the law, whether it showed up on my license or not.

My only concern would be YOUR competence in safety issues surrounding bowhunting. If you feel confident in them and trust yourself to make sure he is safe, then I think it's ok.