I haven't tried that meself just because I have trouble aiming a bow+arrow at a constantly moving target. Not to mention it's also hard to kill a tough enemy or large animal quick enough before they attack & kill me. Oh & I get spotted fairly fast when attacking, hidden in cover, with a bow+arrow.
I did it, its quite fun, but by the second island i got bored of it and just used weapons i didnt use before
(side note, the burning the farm mission is very fun if you just go to a hill, put fire arrows on, and shoot from a distance, no one sees anything because you are too far and they are distracted by the fire.