Hmmm well i would say yes and no.
Yes if u invest your time with alchemy and getting sneak attacks..
No if u don't use alchemy and don't use sneak attacks...
I safe way would be to have a just in case secondary such as a dagger, sword, magic, or conjuration summon spell.
It's possible to play a straight archer i guess but it would be wise to have a secondary skill such as anyone listed above.
Alchemy helps alot and perhaps having a enchanted skill to make a enchanted bow would be pretty good as well.
End then in it's all up to you.
I'm personally gonna have a bosmer achery+10 right from the start of the game..
I will then use that job stone todd showed us and pick mage so that will increase 20%faster.
Then i will work on alchemy and always sharpen my bow in town so i will always shoot for max damage wit my sneak attack.
If they survive i'll clean them up wit magic! :]
If i run out of magic my alchemy skill will ensure i have restore magic potions on me at all times

If all of those fail well gosh darnit im pulling out a dagger and cuttin sum!

Won't happen though because i will always be well prepared and since i won't be luggin around armor and heavy crap I'll just have my bow arrows and potions

I could use conjuration because it makes a archer job a whole lot easier but i just refuse to waste perks and time making something else awesome lol.
I will be the threat!!!