Honestly I would not recommend doing that. You could go to a pawn shop and get you a recurve pretty cheap. I would stick with something 40-50lbs for a recruve.

Your hunting bow is going to be way to heavy. You will kill your shoulder, be digging arrows out of mud and stumps all day, and not be able to make the quick snap shots. (assuming its a compound) Mos people I know that shoot modern bows for bowfishing shoot 30-40lbs.

Then you will get your nice hunting bow covered in slime, blood, and mud.

You can do it in a pinch, but will have to go though reconfiguring your bow each time you change.

As far as equipment there are two types of reels generally used. Spinner and Retriever. Both have their pros and cons google it and decide for yourself. The retriever mounts to the side where your sights and quiver mount and will cost you about $60-$80 depending on the model. You can get a spinner in Zebco 808 or Shakespear T20 with reel seat that mounts in your stabilizer seat. The Zebco will run around $35 and the Shakespear around $20. The reel seats can be found around $10 and then you will need to buy the line.

Arrows vary. Make sure you get the ones with the saftey slides. Average will be about $15/ arrow. Get at least two. I like the Gene Davis style tips.

Like I said, my recommendation would be to get an old recurve and just shoot it off the shelf when you're just starting out. Once you get addicted (and you will) you'll probably wind up getting a bow designed for bowfishing such as the AMS Fishawk or Onieda Osprey.

Good luck, be safe.