It's possible, sure, but bow-users, especially player bow-users, will always be hampered by the demand for ammunition. A character based around infinitely reusable throwing weapons, like boomerangs or chakras, might be more viable. You don't need to worry about the arrow supply/weight, and you can add your strength to weapon damage. Also, the most damaging ranged weapons in the game aren't bows. They're guns, chakras, or (if you don't mind limited supplies) grenades.
Enemy NPCs with bows can be troublesome because they give ranged support to melee units. You, as a player, don't really have the luxury of depending on your allies to hold the enemy back while you shoot them. On top of that, the enemies you REALLY don't want getting close to you (fire and earth elementals, really big demons, ogre fighters), are going to be the ones who can rush straight through your stream of arrows and knock you senseless.
So, if you're serious about being a ranged-weapon character, make sure to invest in defense as well as attack. Max out that dexterity score, increase strength so you can wear the heaviest armor, and max out Dodge. Try to recruit party members who can soak up damage on your behalf (see my NPC guide for details).
Post edited April 03, 2011 by Prator