I haven't done all that, but i did do a mode which allows you to re-head existing arrows with more powerful heads, such as converting steel arrows to (say) ebony. But your idea seems dangerously like the annoying "different types of ammo" thing in Fallout: New Vegas.
agreed that sort of thing can be irritating if thats not your style of play. but if,like me you'd like to play an archer character with a degree of realism then things like useing a bodkin head arrow up against armour,a broadhead or hunting head against light armoured or beasts. rarer ebony or daedric arrows against magical armoured types.
what i suppose id like is a more immersive and accurate portrayal of what in reality would be the most deadly warrior class available. it is now when youve smithed and enchanted and improved some existing game bows up the wazoo!
i mean,i should not be able to drop a dragon with 6 arrows! cheers