I do archery, but have not done bow fishing yet. I have been doing research on bow fishing here and there though, sort of considering trying it out.
Yes the stabilizer bushing is where you would mount the bottle reel.
Here is a decent beginner discussion of bow set up for bow fishing. Not an exciting
video, but it is actually discussing the important stuff rather than being overly flashy. Also it is not sponsored by any one product.
An important part of the video is mentioning
water refraction. How where you see the fish is not where it actually is. General rule I have heard is aim 6 inches bellow the fish to hit the fish.
For fun, if you don't mind being taught by a kid.
"Where will you drive your own picket stake? Where will you choose to make your stand? Give me a threshold, a specific point at which you will finally stop running, at which you will finally fight back." (Derrick Jensen)