Ok, so I have the bow mentioned in the title, its 56" and draw weight of 49lbs. So it says. I need a new string, simple, yeah. but, the fiberglass side of the bow, on the arms, there are two or so areas where a bit of the fiberglass has chipped off, like, an inch long, 7th of an inch wide line snapped off on the edge. My friend said take wood putty, then sand it, then coat it with some type of poly stuff to coat it.

Whats the proper way to repair this?

You can use a fiberglass repair kit....it's usually an epoxy that you can find at a boater's supply store. Apply over the area,sand and reseal

Thanks, I'll look into it. Much appreciated.