The AMS retriever is a favorite wherever you find bowfishers.
I have a close-faced spincast reel (Shakespeare Synergy <$20 @ Walmart) that works well. It's mounted to my bow's sight holes with a Fuzz Mount from Sully's
http://www.sullysbowfishing.com/. THey can also be mounted to special short fishing poles using your bow's stabilizer hole.
Muzzy has a similar one coming out that is very beefy and sure to take the abuse that bowfishing demands. Use fastflight line on the spincasts, and for the retriever, use the braided line that comes with it.
Both types of reel beat the pants off any hand wound/ homemade arrangement for speed, ease of retrieval, and keeping your line tangle free. I know this first hand as I was a spool guy for many years.
You can always go cheap for now, and then try somebody's spare bow with something else on it at one of the shoots.
Happy shopping.