RE: bowfishing rig?
Depends on what you want to spend--I'd look for a good used bow. I use an older Chek-Mate Hunter II for my bowfishing rig.
I agree with John on the cable rig for fishing arrows--this really helps keep the arrow from coming back at you if your line gets hung up, and helps keep that from happening in the first place. Muzzy sells the cable rig and you can get arrows already equipped with it. They have also taken it a step further with a plastic slide intalled on the arrow that takes the place of the cable. I like the retriever reel (jug reel) way better than the old-timey drum--lots faster/easier recovery, not nearly as easy to tangle, and can be equipped with jugs for the real big ones. A little costly, but worth it if you are going to do much bowfishing. It attaches to the quiver/sight bushings. Another option might be to pick up an old compound bow and strip everything off but the rest--you can get a roller rest made especially for fishing arrows if you want. I'd guess you could pick one of these up as cheap or cheaper than a used recurve. You are right--when the action gets fast and furious, our bows get the snot beat out of them in the boat.
Chad