I suppose for PFS or the like it would work. I don't play that, and the campaigns I play in don't have regular retraining (in this case, we are going through an adventure path and we only get down time after we complete a book). Essentially you are trading out Intensify for Reach. Since we get Reach Metamagic as an arcana choice at 9th, I am not taking it early.
Not taking rapid shot that early as you already have it with spell combat, and more minuses doesn't help the early levels.
1 Point Blank Shot
3 Precise Shot, (Arcana: Spell Blending: Gravity Bow)
5 Weapon Focus (Longbow), Craft Wondrous Item (you can take something else here)
6 (Arcana: Wand Wielder, Arcane Accuracy)
7 Intensify Spell
9 Rapid Shot, (Arcana: Reach Spellstrike)
11 Weapon Specialization (Longbow), Point Blank Master
12 (Arcana: Spell Blending: Named Bullet, Maximize Magic)
13 Snapshot
15 Improved Snapshot, (Arcana: Distance Spellstrike)
(I'm an elf, thus the extra arcana FCB)
Only 4th level so far in RotRL, not sure this is the best way to go, but I think it works out. I'm the only arcane in the group, thus I figured we'd need (and I need) Craft Wondrous Item.
PS Precise Shot at 3rd level is horribly incredibly painful. I now understand why every level 1 archer is a human...