No, you're just paying 36k for infinite ammo. Bow and arrow basic enhancements don't stack, and a +1 bow gives you as many +1 arrows as you can fire for 8,400 gold + whatever from composite.
Infinite ammo that you can improve. Enhacnement bonuses don't stack, but if you have, say, a +1 splitting bow and +1 seeking arrows they become +1 seeking splitting. So if you have a +1 bow with +9 worth of special abilities and a +1 arrow with +9 of different special abilities, you end up with a +1 arrow with +18 of special abilities. Add in GMW for a +5 arrow with the +18 special abilities. That passage in the SRD that was quoted waaaaay back in post 3 doesn't affect things like Wounding or Seeking or Collision, only enhancement bonus
The Returning bit functions exactly as the book returning except it works on ammo, puts it on your bowstring instead of in your hand, and lets you move with it. The first is obviously useless without indestructible ammo. The second is just fluff. The third is the only one that can be argued to be an improvement since that means being able to Skirmish, or just 5' step without being glued in place.
So it's not Returning.
Raising the price to make it unconditional is fine with me.
But...you were saying...that you wanted to lower the price AND eliminate the reqs.
As for relic mechanics... I already changed that... I think it's Celestial Armor because no Eberron deity fit it to be a generic item and made a bowstring that auto adjusts composite bonus (thereby taking the only worthwhile property off the Bow of the Wintermoon).
And how were you changing the relic mechanics? I haven't seen this, and you've only been talking about Raptor Arrows.
Funny thing though. If you're concerned about balance, calling a +1 Returning Bane (anything) Indestructable arrow +7 or +8 is actually better than your way, as it means far fewer and more expensive special slots are available for anything else.
The whole enhance your bow more thing I view as a buff to archers, who could use it. Besides, once you have +15 of special abilities you start running out of good ones. I don't find that unbalanced very much. On the powerful side, but not by much. Well within the range of acceptance. What I wouldn't find balanced would be this with no restrictions at this price. Maybe around 8,000 for this restriction free. There is a cost for restricting options. But at 8,000+cost of the arrow I think it would be fine. Just remember: if it's not a special weapon enhancement (Seeking, Splitting, etc.), it's not a +x to the weapon price. It's a flat cost.