I switched to a retriever reel this year and really like it. Bowfishing reels are great but they don't last very long before you have to replace them.
I wouldn't stress over a nice bow; I shoot a 35-year-old recurve and it works just fine. eBay has a lot of good used bows.

Welcome and good luck this year. I will look past the factyou are colts fan; I'm fromChicago but I went to college in Indiana.