I have done alot of bowfishing, and for starters you don't want to shoot a bow over 45 pounds of draw weight, when you miss and you will miss alot, we all do. Your arrow will be so buired in the bottom and you may not get it back out. I have used the old string and reel set up and it to me is a bigger headache than its worth. I know you said you were on a budget so I'll steer you in the right direction. Go over to Archery Talk and look in the classified for a good AMS bow fishing set up, new they are about 90 bucks, but i have seen them used on AT for about 30 to 50 bucks. Arrows? any bowfishing arrow will do the job. Bowfishing points? Stick with the muzzy bow fishing tip, they are cheap and very affective. I hope I shed somelight on your new quest. BH