Opinions on this type of issue vary greatly. Personally, I think that if you practice enough over the next month then I see no reason you should not be able to use it August 4th. There is a distinct difference between someone that buys a bow now, shoots it once and then expects to go hunting in a month and the scenario I originally mentioned.

Practice...practice...practice and become proficient at your self imposed distance limit. Then don't shoot beyond it when hunting.

Good luck.