Notes:
Rangers gain ranged criticals at level 12.
Wood Elves seem to be perfered Rangers based off player desirablity, yet Halflings level faster due to racial EXP bonus.
Low level EQ was NOT designed for the twinks you are giving your Ranger. The game should already be sickeningly easy. Apply more funds if you want it to be even easier.
Karana seems to have the most desirable Ranger set of ranged equipment. Check out the item "Mark of Karana" and the recipes in which it may be used to see some of these which are tradeskill produced. Additionally, this will provide an easier tradeskilling path, with use of the Mark of Karana for Flecthing and Smithing.
Fight blue cons. Yes, you can take reds, especially with that twinkage. However, mass blues will yield greater EXP per time spent.
Time average run speed with range and bow delay. Ideally, you want your bow to hit the target as many times as possible for as much damage as possible before it reaches you, if you intend to melee it (which, with your items, wouldn't be a problem). Higher range is valuable. For a cheap ranged bow, pick up a Shaped Shadewood Compound Bow (sp?). Also, "Flight Arrow"s are a cheap alterative to more expensive Flecth'd arrows with a higher range.
A quiver provides (1/3 * WeightReduction) as Haste in a manner similar to v3 Haste, but also stacks with v3 (but not itself). Therefore, I'd recommend getting a decent quiver. Tailored Quivers are 22% WR, while regular at 20%. Fleeting are 60%! Its all how much you're willing to invest. (Note Tailored has two slots over the regular's four.)
Fighting in bluebie EQ is mundane. Do it however you like. These are some thoughts to consider, but its all very open and insignificant. Sorry if I seem apathetic at the moment.