IMO, it's not an ideal load, but it would work. A lot of guys use a #7 shot size. You'd want to of course pattern it with the gun/choke you'd be using and make sure you're getting enough shot in right places for a clean, ethical kill. I'd say anything over 40 yards with this load and you'd want to look into heavier/larger shot...something tungsten-composite in #4,5 or 6. #7's lose velocity quicker due to lack of mass.

As for your bow question, I don't have any turkey experience with one and wouldn't be the guy to answer that.