For what it's worth, in testing hitspell bows, I found that velocity at the farthest reach of a bow's range was doing more damage than lightning. A velocity composite with the right mods should make for a great chase-down bow.
On test shard, the damage amounts from fireball hitspell on a bow seemed to match that of a mage with gm eval casting fireball. I could have missed something, though this is what I thought I saw.