You can create light armor from blacksmithing. There is the heavy armor route and the light armor route. Blacksmithing also allows you to enhance your bow with higher enhancements.
Alchemy gives you many potions and poisons, including the paralyze potion.
Now the sneak attack multiplier is important.
Poison damage do not get multiplied by the sneak attack multiplier.
But the blacksmith enhancement that you do to your bow IS multiplied.