Enemy of One should be cast prior to going into any combat when you will be fighting the same type of enemy over and over, or if it's the only one around.
That said, the order is:
Disarm, then Honor your target (disarm keeps you from accidentally shooting your target if auto target kicks in).
Rearm
Cast Divine Fury (if you're going to use it, remember, it does add 10% damage increase)
Cast Consecrate Weapon
Cast Lightning Strike (on each shot)
Fire!!
"By honoring the enemy, my next hit (ie. next arrow) would have to kill it? "
No. Honoring your opponent is actually using the targeting cursor that gets brought up if you were to double click on Honor in the Virtue gump. There is a UO macro for "Use Virtue", which you would set to "Honor". I strongly suggest a 2 key macro, otherwise you're going to end up honoring yourself due to a last target conflict. Target your opponent with the cursor, then follow the steps I outlined above.
"What properties should I look for in building my armor set? I read somewhere that 70% resist to all is the best I can get, so would a full virtue armor set be the best for an archer?"
While the Virtue armor set does provide and all 70's suit, I would suggest you start out with Brightsight Lenses and Rune Beetle Carapace. Between the 2 you get 6 mana regen, 15 lower mana cost, and 10 mana increase. From there add other pieces to add mana regen, stamina increase, and mana increase. That should get you to where you need to be. Also try to get as close to 70's as you can, but if you have to sacrifice in any resist, poison would be the one to do it in.
"Also, what kind of bow should I get?"
That all depends on what it is you're fighting. I prefer very high SSI Heavy Crossbows with mana leech on them. This provides a huge damage output, and also helps to regen your mana as you're fighting. Stamina regen is also a good mod to have, as your stamina, combined with SSI, determines how fast your bow fires. If you're fighting things that will take a long time to kill, such as paragon Balrons, you might want to go with a faster bow so you can get the leeches to go off quicker. One thing you want to keep in mind is that any spell effect that is on a slayer bow will cancel out the slayer damage when the spell effect goes off. That's a lot of damage lost, and I personally prefer not to have any spell effect bows at all in PvM as I'd rather the leeches do their thing and keep me at full power constantly.
I don't know if I'd mentioned this already, but if you're on Pacific, let me know. I can get you going with some pretty decent bows, not to mention armor and jewels.
