RE: Is this tip OK to shoot?
If you are worried, pike it. It will raise the weight a bit, but will keep you from casuing any further damage. Its hard to see the string grove in the pic, but Id assume its no problem. If the grove is split, deeper than the other, etc, you could get limb twist. Like I said, you can pike it and cut new groves real easy.
Easy way to see if it is going to cause a problem is to string it and look down the string to see ifthe stringlines up with the midline of the bow. If you are still concerned, put it on a tiller tree, or draw it back and brace with a board. Once the bow is drawn to about full draw and braced or on the tiller tree, look down the limb and see if the limb is level and not twisting. If you see no problem, go for it. Also, make sure the groves are not rough. You could eat up a string, which is no big deal. Ive broke more than I can remember. As for bows blowing up, done that more times than I can remember. Im a bowyer and when I test new designs, they sometimes dont work the way I planned them. The point is, a bow blowing up or a string breaking is not as bad as it sounds. Not fun, and very disheartning, but not as bad as you would think.