I'd wait for the Composite Bow, personally. It's a great little bow that can even be carried over into PvP if you use Poison arrows.

You may want to try the Uchigatana. It has a great moveset, does decent damage and causes Bleed really easily. You can take it to +15 for your Dexterity is highest, or +5 Enchanted for your Intelligence. It's worth trying out, at least.