There are plenty of release bowfishers out there.

I think that the reel seat that goes in the stabilizer hole is the best way to mount a spincast. It keeps the bow balanced well. There is a Fuzz Mount too for spincasts that mounts to the side of the bow in the sight holes, but it makes the bow top-heavy and lop-sided. It can tire your wrist out trying to fight it.

If you get a bow that doesn't have any holes drilled, you can still use either reel seat. Just put a Gadget Adapter on the bow first. They have threaded holes that simulate where the holes would be on a pre-drilled bow. They are quite secure in spite of their appearance. If you haven't seen them, check out the pics at Sully's under Reel Seats.

I don't use a rod with my seat, but I knowseveral who do.
They say it makes fighting fish easier and is easier on your reel.