Ok first thing you do is get rid of the sight and the quiver. Then you have to put some sort of a line holder or reel on it and that is determined by how deep your wallet is. If your serious about bowfishing and you have about $125 laying around get the AMS retriever kit. It comes with a bottle type reel, 2 arrows, extra arrow hardware, a roller rest, and a video, basically everything you need for bowfishing except the bow, which, by the way, they do have those available too. If your not that rich and want to get into it a little cheaper try to find and old fishing reel, a big one, actually you can buy a Zebco Rhino closed face casting reel for about $25 at Welfare Mart, then go to the tool section and pick up a roll of chalk line (without the chalk) and spool the reel with that and mount it to a stabilizer with hose clamps, any local archery shop or bait store should have and arrow and your all set.....just dont forget to push the button before you shoot! Another thing you can do for almost nothing if your handy with a drill, and a rivot gun is take and old beauty ring off a truck rim and drill it at 12 o'clock 3, 6, and 9 o'clock for whatever rivots you have laying around, usually 3/16". Then rivot two strips of metal in a cross across the back of the ring, drill a 3/8" hole in the center where they meet for a 3/8" bolt, tighten it up with a jam nut and thread it into the end of your stabalizer. Its kind of a "Red Green" way to do it but it works. You might find that you have to shoot through the ring itself because of how large it is but winding your line will take less time than using a pop bottle. Oh theres another way to do it drill a hole in the cap of a 2 liter pop bottle and bolt it to your bow, drill a small hole in the pop bottle, thread your line through, tie a washer to the line and pull it back tight against the hole, wrap the rest of your line around the bottle and screw it onto the cap. It doesnt work very well because the bottle it too flimsy but it will get you by.
I could sit here all day and type in 101 ways to make a bowfishing reel but the best thing to do is get an AMS Retriever Pro kit. Youll spend less time messing around with the string and more time shooting. The sport in general as with any other sport will be more enjoyable with quality gear. I would hate to see you lose interest in something as much fun as bowfishing just because you got ticked off at your line getting tangled everytime you shot. I dont know what the draw weight is on your bow but it should be over 45 lbs, I shoot about 55 lbs, dont overdo it but it takes a little punch to penetrate the scales on carp that is 3ft deep. Dont forget about light refraction, AIM LOW! Just when you think your low enough drop another inch before you release. If the fins are sticking out of the water aim for the belly, youll get the hang of it with experience. Good luck and be sure to post pics on here of the fish you shoot. Heres a 45+ pounder I shot last year, look at me gritting my teeth trying to hold it for the photo
treat every situation like a dog. If you cant eat it or hump it just piss on it and walk away