You are going to get a lot of answers on this, many of which just boils down to personal preference. I can tell you what has worked for me for the last 17 years though...

- big spincast reel, like a Zebco 808, loaded with 200 lb fastflight line
- mounted to the bow with a stabilizer reel seat
- fiberglass arrows with Muzzy fish points
- either a bowfishing rest like a roller rest, or my preference, a homemade rest made from moldable epoxy.
- I do not use any cables or slides, but tie to the back of the arrow.

Oh, and of course, you should find a good bowfishing DVD to get you fired up!