Couldn't you simply have arrows as a "pack" item that adds to the ATK rating? You should be able to require that the unit be equipped with a bow in order to equip the arrows. This way, you could upgrade to broadheads, pile arrows, and then magical versions that unlock "magical ranged weapons" in the magic tree or somesuch.
Here's how I would expand bows:
Short Bow (4 ATK, 2 combat speed)
Long Bow (6 ATK, 2 combat speed)
Recurve Longbow (8 ATK, 2 combat speed)
Crossbow (12 ATK, 3 combat speed)
Heavy Crossbow (15 ATK, 4 combat speed)
Then:
Arrows (no bonus, the "standard" arrow)
War Arrows (standard, +1ATK) [these would be 'bodkin points']
Broadhead Arrows (+3 ATK) [twin bladed arrows]
Pile arrows (+5 ATK) [these are basically armor piercing arrows, with hardened steel chisel points]
Crossbow bolt: +1 ATK (standard hardened point)
Crossbow quarrel: +2 ATK (four bladed crossbow bolt)
It should be noted that it's always been easier to penetrate armor than it is to protect against weapons. Ranged weapons were invented because getting up close to something is rather dangerous. To further expand ranged weapons, I would actually have very late game weapons be magical staves and wands. Unless you want to introduce gunpowder.