if it's going to be close to real life bows are generally slower than melee weapons. The ballance comes in with distance. An archer can get several shots off before he gets hit once by someone with a melee weapon. Theory being to fire bow you have to 1) grab an arrow 2)string it then 3)
aim and fire. With a sword or axe, you 1) run up close 2) swing, each hit takes fewer steps.
Not counting charge/casting times, how many shots could you get off at long range before my WB could reach you to swing (notice I don't say hit

) once? I've swung an axe (not at a person of course) and fired a bow. I could hit something 3 times with an axe before getting 1 shot off with a bow, with practice that speeds up, but not nearly to that of a meele weapon (maybe 6-8 p/minute). Of course that much realism isn't any fun, but it shouldn't be faster than a sword by any means.
Recognize however, I am biased. 8 out of 10 of the times I get pk'd it's by an archer, I'm usually dead ( or close to it) before I can reach them.