About weapon master, i dont spend any points in it unless i need to spend points in it since i increase my "tertiary" weapons with it (either 1H or 2H depending if i'm main 2H or 1H, crossbows, and polearms, since i alway use bows as "main" ranged weapon, for faster reload time) until its capped and need to spend another point in weap profiency, just to be better with those "tertiary" weapons in tournaments. If you dont plan to play tournaments or want to be strictly focused on your "main" weaps, yes, you can spend points in weap master. Always have one more point in power draw than the power draw requirement for a given bow. I might be wrong, but i find that handling those "uber" bows is a bit easier with power draw being higher than the requirement. Needless to mention, crossbow doesnt require any power draw skill.
If you want to be a fighter, then just spend your points in AGI and STR. Other stats are "useless" to increase your combat effiency.
About what character creation options choices, just search for the wiki about original M&B, it hasnt changed since WB release.