This legendary bow existed on live servers as the result of GM RP events. I think this sort of thing would be cool for Blue now that the timeline has ended, and perhaps eventually Green. It's not necessarily custom content and there are various artifact items that existed for real during the classic era.
Maybe bring on a GM who acts as a sort of "DM" for the server, running events that result not just in Oakwynd, but stuff like
The Prime Healer's Bulwark,
Shield of Hatred.
I think my favored method to implement these items is an
idea someone on these forums came up with long ago: stealthily implement a questline without telling anyone, that you'd only come across by exploring, talking to npc's, or knowing classic so well that you'd notice something new was added. That thread had some other great ideas too.