God bows are strong enough: also they have their special effect when you use the god arrows with them.
About the elemental bow: I could make it, it's rather nice, but Imo we have a lot of different and good bows ingame already: Seercull, god bows, magic comp, comp ogre, dark bow, crystal bows
Don't think we really need another
An elemental blade/sword on the other hand would be cool. It would be one maxhit stronger than a whip, but have no special attack or special effect, and you'd be able to customize it with an ice diamond or fire, just like the old elemental bow.