I'll second the reference to www.sullysbowfishing.com. Check out the "Complete New Style Muzzy Arrow". Although a little price, they're tough as nails. The prongs are fairly thick and are heat treated steel. They last longer than many others I've tried.

I've never tried the manual winding style reels, but most bowfishermen around here use the one labeled "Retriever - standard". It's served me well, and customer service is outstanding.

People use a wide variety of bows, but in my observation, the most successful shooters use recurves. I personally use an old Darton Viper set at about 40#. That's enough to shoot through a fish (which can be a pain) yet light enough to not bury the arrow too far into the muck.

Let me know if you have any other questions. I'll check back here tomorrow.