I'm currently going through Oblivion for the first time since finishing Skyrim a few days ago and I quickly found archery feels gimped.

I'm looking for a mod that makes archery as effective as it is in Skyrim without being overpowered.

Here you go bro http://tesalliance.org/forums/index.php?/files/file/514-duke-patricks-combat-archery/. That is probably one of the best out there knowing that the author is a well known author. You need to register in order to download though but it's worth it. Might want to grab this also while at it http://www.tesnexus.com/downloads/file.php?id=17706.

As shiobi2008 pointed out, Duke Patrick's combat archery is the way to go.

I'll second this indorsemant. I've not used it terribly long...maybe half a year?...but it has already become a cornerstone of my installation. One thing I really like about it is that enemy archers receive most of the benefits you do. You won't be able to treat 'em lightly any more...if you want to survive.

-Decrepit-

Downloading it now. Thanks