"Are you pondering what I'm pondering Pinky?"
"Wuhhh... I think so, Brain, but if a ham can operate a radio, why can't a pig set a VCR?"
According to what I read in the rules, two things are happening:
1. He is equipped.
2. The weapon equipped doesn't effect Rank 1.
I think they are two, separate, states that the rules address independently. Therefore, I would think he still gets his attack bonus from being equipped but not the Recurve Bow's attack bonus.
Better than nothing, I suppose. The rules even say that a hero is still "equipped" even if the weapon is removed by some other effect in the battle.
This is an official answer:
Correct. He still gets his bonus for being equipped, but would not get the bonus from the bow.