I would recommend the following:
1. Tape off any areas you would like to save (i.e. decals..or serial #'s, etc).
2. Sand the old finish off with 120 grit, then follow up with 220 grit (even lightly over the areas you taped off to fade the edges into the newly sanded surface.
3. Get a little bottle of Tru-oil and apply the first couple coats on the wood (working it into the open pores and sanding with light grit sand paper or 0000 steel wool between coats).
4. Once the pores are filled, coat the bow with tru-oil, sanding lightly with 0000 steel wool in between coats. Do about 5 light coats.
5. If you prefer less sheen, you can then take some Satin Helmans Urethane (green can)and put a light coat overtop the tru-oil.
6. Post some pics!