To answer both original questions...
I assume the first question is asking if you can use what we in the deer hunting biz call a "blind bow", that is to say a bow that is shorter in overall height by making the limbs more parallel to each other. The answer would be .... sure. The thing is this... a blind bow has an overall height of 30" to 32". A normal compound bow has a height of 32" to 34". It's barely enough to make a difference in the real world honestly, and IMHO there would be no difference at all in game stats. As far as telescoping arrows, I would say no. This is coming from someone who had been hunting with a bow for more than 30 years now. The shaft of an arrow is all about rigidity. How rigid an arrow is affects everything about the flight of that arrow, i.e. accuracy, flight length etc.. The arrows are also very light, these days. A telescoping arrow would be massively heavier due to all the overlaps in metal/carbon, and those overlaps would disallow the arrow to bend normally. Remember that arrows must be able to bend and twist as the fly. An arrow that doesn't bend wont fly very far and would be terribly inaccurate as every little change in wind would cause the arrow to veer off.
Anyway, that's my 2 nuyen.