RE: peep site
Ausie is correct. Peeps are not required at all. If you can come up with a system that enables you to get a precise anchor, you can be just as accurate. Actually, this is all a peep really does, forces you to place your eye at the same spot every time. Placing your nose on the string at full draw is a good method to keep your head location consistant.
If you do not like a peep, there is a product by Timberline Archery called the No-Peep. It uses an eye alignment device that mounts to your bow and forces you to line up a dot inside a circle at full draw by moving your head slightly. Its quite touchy and once setup properly, is extremely accurate. This device is specifacally for this purpose, to elimate all the hassles associated with the peep site.