Ok, in this post, I'll address your *method*, and in the next post, the calculation itself. The formula you gave was
[tex]v = \left(\frac{eFx}{m}\right)^{-2}[/tex]
I don't believe that this formula is correct, because the right-hand side doesn't have dimensions of velocity. I think that the exponent should be 1/2, not -2. Here's an outline of the basic physics:
An object like a spring or a rubber band that has elastic properties can store elastic potential energy. Say it has some equilibrium length. If you try to stretch it by an amount x beyond it's equilibrium length, there is a law called Hooke's law that states that the spring or whatever will oppose being stretched with a restoring Force F = -kx. It's called a restoring force because it acts to oppose your stretching and to try to restore the spring back to it's equilibrium condition. You can see from the equation that the larger k is, the more force it takes to stretch the spring by the same amount. For this reason, k expresses the "stiffness" of the spring and is often called the spring constant. When you do work against this restoring force to stretch the spring, energy equivalent to that amount of work is stored in the spring as elastic potential energy. This elastic potential energy is given by:
[tex]E_p = \frac{1}{2}kx^2[/tex]
When you let go of the spring (or in our case, the bow string), all of the energy that was stored in the string as elastic potential energy is converted into kinetic energy (energy of motion) and imparted to the arrow. The formula for kinetic energy is
[tex]E_k = \frac{1}{2} mv^2[/tex]
Since the energy is just converted from one form to another, we have:
[tex]E_p = E_k[/tex]
[tex]kx^2 = mv^2[/tex]
[tex]v^2 = \frac{kx^2}{m} = \frac{(kx)x}{m} = \frac{Fx}{m}[/tex]
[tex]v = \sqrt{\frac{Fx}{m}} = \left(\frac{Fx}{m}\right)^{\frac{1}{2}}[/tex]
The extra factor of 'e' for the efficiency is to take into account the fact that the bow is not 100% efficient: not ALL of the elastic potential energy is converted into kinetic energy of the arrow. Also, the amount x you are using is not the amount by which the bow string is stretched. It is just the amount by which it is drawn back.
I'm confident that this formula is correct. By dimensional analysis, the stuff in the square root sign has units of force x distance / mass = energy/mass = velocity squared.