Heh. Yeah it'd defo 3x with ranged and 6x with sword, but generally arrows do more in one hit, but you can't hit as fast.
All I can say for arrows is dump everything you don't need, don't bother looting unless it's
really worth it (I mean, you don't really need that much cash in this game) and load up to the max with arrows. Even if you absolutley have to loose some weight, you can drop your arrows and come back to them. Or even grab them in your hand, it won't overburden you.
The reason I say this, there's nothing more frustrating that being in an Oblivion gate for a good while, getting nearly to the end, then running out of arrows.
I found some stupid escapes in oblivion, I've sure I've shown you one vid already, but here's them both.
out of anvil
out of frost fire glade