As a dedicated archer Blackbow says "buff missile speed not damage". Buff missile speed. Don't even give melee a chance to dodge arrows.
I would rather buff accuracy and nerf missile speed further. The difference between a good and a bad archer is that the good one will be able to shoot moving targets. Also, smooth the damage drop over distance (as well as nerfing point blanck damage), bows are meant to be used from afar, not to shotgun people trying to kill you.