Another vote for the Porcupine. It works great against Stone Golems too. The secondary attack will stun them, do major damage and then a few follow up swipes finish them off. Do NOT use the Pickax unless you have no other choice. (The secondary thrust of the Silver Sword or Blackmetal Sword work great too.) Build those crystal windows you've always wanted!
You've got to have a Draugr Fang too. I think there's at least one more bow coming in the next major update. Curious to see if it's better than the Draugr Fang or just different. From sneak peaks I think it's a Bone Bow? End game for me is Blackmetal Shield, Porcupine, Blackmetal Sword, Blackmetal Axe. Not including any tools here. Those weapons will cover all your needs. If you have the Draugr Fang you only really need wood arrows. I tend to also carry Needle Arrows because they have the highest pierce damage and I'm swimming in Deathsquito barbs. Frost arrows are also useful but not critical. Don't bother with any of the rest. Waste of materials.