Both are required to get a desired outcome. The arrow can be big and bulky for a though opponent but the bow is hard and the string pack a punch then you do more damage than if you shot the same arrow with a thin sleek bow with a lower quality string.
The arrows damage depends on what type of head it has, the shaft it's made of, poison and/or enchantment and the power behind it. The power comes directly from the bow and the strength of the user. If the bow if not up to spec, it snaps. Or you just can't put enough power behind it.
The power comes from the bow. The strength of the user only really determines what kind of pull bow the person can effectively use.
As for the main topic. I like more damage per shot because the rate of attack will be less than melee by a http://www.youtube.com/watch?v=oeMwHZrUbVA. But I see no need to limit arrow quantities. It doesn't make sense historically, they are cheap and easy to make, and it does not make sense game mechanics wise.(neither balance or storage capacity wise)