Will it work? If your rest can hold up a fiberglass arrow, it should work fine.
IMHO, It's a bit on the 'nice' side for bowfishing... (bowfishing tends to be rough on shooting equipment) and you really don't need sights, drop away rests and a release for bowfishing.
(All you really need is something that will shoot an arrow and some way to get your arrow back.

)
Good luck... and be careful.. bowfishing is addictive.