Yeah, it is about that simple. Decide on a real kit for your bow, maybe use an old bow and turn it down. Don't want to use release, slows you down and you need to make quick shots.

If you find you like it then I would invest in a bow especially for bowfishing so you can take shots without having to be full draw.

Know your species and local regs before going.

Have fun and most importantly, aim low.

btw, most don't even use sights on bowfishing bows.