In my opinion it's okay to go this route for the first several character Levels - though mostly in the interest of getting the most out of the low-level bows. But as you advance you'll definitely want to put more focus on Strength and Intelligence so that you're able to withstand damage and regenerate mana more rapidly. Higher level mobs hit a lot harder... and you'll get killed pretty quickly if you neglect Strength. Also you're gaining skills as you advance, which require Mana. If your mana pool is small and your regen is slow you won't be able to capitalize on the spells and techniques you're unlocking.

Hope this helps!
- Cinco