well, I don't have an example ready or the time to make one. ( this week I'm only home to eat, sleep, and a few minutes to read mail and forums, the rest of the time as all spend at the office)
But I can give you an idea about how to create this, as I don't know how good you are I will describe itin a simple ( certainly not most efficient ) way to create this.
When you press you item activation button execture a script calling for scr_arrowshoot.
in the script part of gamemaker create a script with similar name.
Inside this script let it check which side your player object is facing towards.
( using your global.direction or similar global)
Then let it create an obj_bow and obj_arrow with a sprite facing equal to the direction of the global.
In the bow object create event use an alarm to let it destroy itself after a short time
In the arrow object place the speed in the creation event and let it move in a direction equal to its sprite.
result:
when you press your item activation button, a bow and arrow appear, after short time the bow disappears again the arrow is moving into the direction you want it to go.
I hope this simple text example is enough to help you with this.