I would probably keep it as two separate objects. Put some bones in the bow and make a wire deformer curve for the string. When creating your wire, put two CVs very close together in the center and two close together at each end. Cluster the pairs of CVs. Constrain the outer clusters to the ends of the bow.
Group your bow and bowstring together.
Create a Set Driven Key relationship between the bones in the bow and the center cluster on the bowstring such that when the cluster moves back the bow bends.
Now duplicate the bowstring. Use the duplicate bowstring (without the Set Driven Keys) for the vibration section of your animation. With careful keying of the cluster positions and the visibilities of the bowstrings the changeover should be unnoticable.
Hope this helps.
-James