You can still pick them up if you miss. Unless you're so bad a shot you miss a dragon and it goes sailing off 200 yards. Then you should probably consider not using a bow.
Well now I have to beat his friends with low to zero fatigue this will be fun. Also, whats stopping someone else from coming up and whacking me up side my head while I'm struggling like a retard.
I'm sure I want to use 2 handed, but I'm not sure if its going to be as effective as 1 handed. I'm not worried about having a shield because i can still block with a 2 hander. You only need one hand for magic, but it can be more potent with 2 hands of magic. Now you're sounding like 2h is better then 1h. Nobody said you couldn't use both though.
Seems like you're not sure about what you want to use so I'll just say use what you want. You make the advantages/disadvantages seem more than they are though. If you're that worried about not having a shield then use heavy armor. As for not having magic. You need to have both hands free for dual casting anyways, so weapons don't even come into play.