NO... Ok steady shot scales with your tooltip dps, nothing about speed if you have a ranged weapon faster or slower than 1.5 seconds it wouldnt affect steady shot, thought it would affect auto shot, which if your smart you can weave steady shot in between auto shot, now it is easier with a faster bow, but you lose damage so there is a balance between the two, around 2.5-3.0 speed is ideal to maximize damage.  Some might be staying "WTH it is a 1.5 timer you could just use a bow iwth 1.5 speed and pwn. NO! WoW has lag and so do you, and there is a .5 second wait after a shot. meaning with a bow of 1.5 seconds you would fire a shot, then you would have to wait .5 seconds for the auto shot, so with lag, quiver speed, .5- 1 second leway to start a shot improves dps.  This is why pvp bows over 3.00 speed arent ideal.  3.00 speed your giong to have a tough time still to do it.  I find that 2.7 is perfect and i will never miss a shot