The most common ammo, holy bolts are cheap, and great for dot, wearing osode and suzaku's for the mnd really helps the add effect.
Sticking an acid bolt lowers mob's defense 12.5%, boosting your and your party's damage.
Darksteel bolts can used for tp if holy damage is ineffective, for comparable dot (if not better than) to eurytos' bow, also used for ws and barrage.
GMB will give you added power for unlimited shot ws.
Bloody bolts allow you to effectively heal yourself from aoe in low-mage situations. Sleep, Blind, and Bloody bolts can be combined to increase your soloing capability.
The PH isn't "the goblins" it is only the Goblin Mercenary's. Drop rate seems to be so so I am 0/3 atm but I have friends that got it in 1-5 times. I agree it's a must have for rangers.
Got this and lost to the NM, I was careless and ran out of shihei and the EES got me. I hp'd and ran back up and he was still up. He didn't use EES again, and I took him down fast. 1/4