I would be concerned about using Cherry for the stems. I don't think it has the strength of Ash, or the flexibility for taking a blow. So I think it's more likely to splinter if you hit a rock.
Also, the stems are not very visible, so as a feature of the canoe, I think it could be used better elsewhere. If you have ever seen a picture of Joe Seliga's Nora Canoe, in residence at a YMCA Camp in Ely, you will see the cherry can be used for seats, gunwales, deck's etc.
I was able to use kiln dried ash for laminating the stems on may canoe. I soaked 1/4" strips for several days, and then clamped them to the form without epoxy to dry. When dry after a couple days, epoxyed them up. I allowed about 3/4" on my form for springback, but didn't have any more than 1/4", so when laminating there is not as big of a springback concern as when bending a solid piece.