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You are not mistaken. The only way to build a character that you described would be for SE to make a 'Spellarcher' Job specialization tree.
The problem here is that you want a paper-based D&D system for your MMO. There just is not the amount of money, time, or resources to recreate the power of the human imagination in a computer game. The proposed system DOES take some of the creativity out of the player's hands, because it is IMPOSSIBLE to give ultimate creativity to the players in any game.
First you must realize the truth: that there is no Spellarcher. There will not be a Spellarcher. Let's try to focus on something feasible and FUN instead of what could be created with sheer imagination. The tech just isn't capable. The best you can make is a mage with archer skills. If I can make ANYTHING then it is boring. If I have to work withing certain rules with enough room to BEND them but not BREAK them it is fun. (IE: you want to be a 'Spellarcher'? Team up a battle regimen with a mage and turn your shot into a Sleepshot or Fireshot from having the mage cast a spell while you fire an arrow in a specific way).
Limitless possibility is boring (and unachievable), learning to BEND the rules is fun. There have to be rules to bend.