I'm sorry, can you link evidence that encumbrance in TES is based on lbs? K thanks.
Daggerfall weighted items as http://img689.imageshack.us/img689/3939/dfkilos.png. So, based on the stats here, the ratio of encumberance to strength is 1.5 : 1. 1 kg is equal to about 2.205 US customary lb. 330.75 lb is the total amount alloted, in that case. Certainly more mathematically sensible than Morrowind or Oblivion's nebulous unspecific weighting system, nevermind perceived weight and how it sticks onto your character (wearing a suit of armour is going to hamper your manovreability less than carrying it jumbled up in a bag, assuming someone trained in its use, for example).
About the bows:
SCIENCE MAGIC to the rescue! Enchanted arrows that send out area of effect/multi-target magic, like explosions (fire), chain lightning, shrapnel or slicks (ice/frost), and clouds of corrosive, malodorous, effluvia (poison).
Even better, they all double as crowd control. It's hard to move, much less fight, when you're A. On fire; B. Spasming uncontrollably; C. Falling; D. Hamstrung; or E. Choking. Fair? FAIR!?! If you want fair, you can take your tin suit and can opener back up to the frontlines, raight nao.
If magic isn't your style, then we can settle for Rapid Shot, already suggested here by several people. I like seeing my arrows/bolts/bullets blot out the sun, but there's no way I can think of that being possible without incorporating Conjuration.