I would like to use the longbow, but it is said that it sucks..
So I think the mainstreamwarbow is the best archerweapon.
As long PD does not increase accuracy, PD 6 is sufficient. Doing 3-4 damage more for 1 PD does not make you a killing machine. But it would be interessing if the longer stabilty of the redicule is useful(+1PD then requirement)
The most recent patch update removes a reason to use the warbow. Right now the warbow and strong bow have the EXACT same shoot speed, which means same distance shooting. You lose 4 draw speed to get 3 more cut damage and pay the upkeep of a bow half again as expensive. chadz may fix this in the next patch, but either go with a decent rate of fire and bodkin arrows with the strong bow or even khergit bow or do that 8-9 powerdraw route, use the long range long bow to snipe.
For the guy that did the build above just go 24-15 and only convert 8 points and you can put points into powerstrike, use a 98+ speed longsword or bastard sword and you shouldn't have a problem with meleeing and doing decent damage with a very very slow longbow.
I am doing 21-21 right now with 14 converted points, 7 weaponmaster, 7 powerdraw, 3 athletics, 160 wpf in archery, the rest in polearm and using a bec de corbin, the pierce damage lets me get away with 0 powerstrike, and the bow is masterwork strong bow. I was considering doing 21-18 and 1 wpf in melee but using a fast 2her with 6 powerstrike which is also another viable option (just have been 2her too much lately) and still have almost as high wpf in archery.