I don't think your rest would stand up to the heavy arrows and mud and goo of bowfishing. I'm not 100% positive on that, but to be on the safe side, I'd put a different rest on during bowfishing season.

You can get away with a really cheap rest, (like a roller rest) for bowfishing.

Just about any old bow will work for bowfishing, so it might be easier to just buy a $50 used compound/recurve and use that.