I don't think it's as bad as maybe it sounds.. if you can get up to 3 IP's, that still nothing to laugh at, in that you can effectively get out an arrow every second. If you put out 11P per shot, that's 33 damage per round. Just to put it in perspective, an Ares Predator pistol with EX ammo will put out 36 damage per round with 3 IP's, but will be easier to resist since your opponent would get twice as many damage resistance rolls, and it won't have nearly the same range. The whole point is that a bow and arrow is stealthy and legal, so while someone toting around a Panzer will be more damaging, they won't have a lot of the same advantages that a stealth character has. If your character is stealth-oriented, you'll likely be getting in the first shot, which may be enough to end the fight immediately. If there's a group, they probably won't even realize what's going on until you're already nocking your third arrow!
The other part of the character build that you've mentioned is that since you'll want to have strength 8 and as much agility as you can muster, you'll be a natural candidate for both athletics and melee skills. So you can truly be a batman character if you wanted. If you take the adept or bioware route, you'll be able to go pretty much anywhere you want and bring you weapon with you, since a bow is legal all of the time.