So, from what I gather from reading on here.  A person really needs a 12-14" bandsaw, hotbox, belt or drum sander, to effectively build a laminated bow?

You can do it all by hand but those items sure make it quicker....

The hot box can be your vehicle on a sunny day.

An oscillating spindle sander and a Japanese rasp are my two most used tools.

If you go ahead and build your first with hand tools only you will have a huge appreciation for any power tools you eventually acquire.      

If I had to part with all but one power tool,
the keeper would be the Rigid oscillating sander.