Yes, and IMO gettign Mounted Archery and Improved Mounted Archery (Complete Warrior, IIRC), would go without saying (I rather assume folks will pick up feats that are beneficial to their "Schtick", after all).
But at least you CAN full attack (and thus, use rapid shot).
Or, alternately, use Manyshot.
Mounted Combat, Mounted Archery, Improved Mounted Archery, Point Blank Shot, Rapid Shot, Improved Rapid Shot. Thus are great mounted archer-machineguns made ...
Okay, okay, it's six feats, so it ain't cheap. But where you're a smallfry and can bring your mount withyou just about ANYwhere ... it's quite possibly worth the effort.
Picture a Gnome ranger, with a riding dog as his animal companion, and the Archery "style". Might even pick up Deepwod Sniper or OOtBI, with all of the feats too.
Be sure your mount has/gets Dodge and Mobility, though. ^_^