Yes, that could work. However, I don’t think that would be the ideal solution. I’d rather suggest creating a projectile class from scratch or using the projectile class from the Crossbow project.
If you don’t need the system right now, but rather in the future, you can wait for my next project to be released. It will be the “Multiplayer Bow Combat System”. It will include Combat for Bow and Crossbow (with 3rd Person animations) and it will be fully compatible with the Multiplayer Melee Combat System.