The only armour wearable with a bow is extreme ugly. Some clever folk on http://www.insidetwoworlds.com made a mod to remove the restriction of bows from anything higher than leather and robes while keeping the penalties in place.
It is quite complicated to pack this into a mod, which has to be the exact version of the game used.

Here is a ready to use WD file for the current GOG version, which you need to copy into your WDFiles folder and start the game.
https://docs.google.com/file/d/0BwBWuqNMZviueWpaN2V5VnN2YXc/edit
I didn't know any other good way to share files, hopefully it is visible.

In my heroic kind of way (heavily armored, killing a dangerous beaver with a bow): http://i.imgur.com/Garqc3y.jpg