Two piece of equipment that make a bowfishing rig:
1) Get a full capture rest. It doesn't matter what type, I've got the product made by whisker biscuit. You will be drawing and shooting quickly and sometimes at funny angles. The arrow will fall off if you don't have it enclosed.
2) Get an AMS reel. There is no competition, and there are no other choices. The old fishing reel style reels are that much worse. The AMS reels are expensive, but they are that much better.
and an important but not critical piece:
3) Get arrows with safty slides. It'll keep you from cutting your hands as the line flys out and more importantly, it keeps the risk of bounceback down.
I use a compound because I found with my recurve that my shoulders got tired quickly and then I couldn't generate enough FPS to punch through a big gar. The recurve was also tougher on my fingers.
From a few weeks ago in a flood: