Putting a fishing reel (spin style fishing reel with a push button) may not be the best idea for starting out. nothing wrong with spinners when you have the experience and even then i usually only suggest them for people that are shooting alot of tournements.
The ams retriver reel is very fast, very simple, bulet proof design, and much safer until you get everything figured out. 90% of all people bowfushing use a ams retriver reel and for good reason. (fast, safe, bombproof, easy).
If you go with a ams retriver you have to use the ams strap on bracket if you dont have site window holes on your bow. The great northern adapter wont work with a ams reel, it has to be the ams adapter.
As metioned you need a actual fishing arrow for the weight and durability. make sure you get the ones with the plastic slide and stop on the arrow. this allows the line to be attached to the slide. the line and slide stay at the front of the arrow so it cant get caught up on anytihng and when you shoot the slide slides to the back of the shaft so you get good flight. easy, fast, safe set up.
bows can get pretty beat up if you let them. I know guys that put masking tape on the edges of thier bow to protect agains abrasions, etc. I dont use anything on my bows and they get the crap kicked out of them and hold up very well. just touch the bow up after the bowfishing season each year.
Bowfishing is a wonderful time. And where you live the skies the limit on how many things you can go after and how much fun you can have.
Just a warning...bowfishing is the most addictive thing you can do with a bow. once you start it never stops. first a bow, then a boat, then lights and generator, then you find yourself on the water from 9pm until 7am on weekends and sleeping when your wife wants you to cut the grass...lol