You can set up hot keys for each weapon. Drag to bow to an empty hot key. Now drag your melee weapon set up, either a single weapon, two weapons or weapon and shield. If multiple items, just drag one, then the other. You can now click on the hot key with the mouse, or press the appropriate F key to switch weapons. You character will still pause for a moment to make the switch, but it's quicker than doing it through the inventory screen.
I rarely use missile weapons with my ranger. The viewing range is so small it's rarely practical. By the time I get a single shot off, the enemies are on top of me.
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