Why could you not make bolts from wood for a modern compound crossbow? I know most people who say they know about this will tell you the compound bows have too fast of an acceleration rate. I would like to have these people come to my archery club shoot one Sunday. There are many guys who I used to shoot with who shot wood arrows from their compounds with no ill effects. If you properly size the shaft, make sure it is of a good hardwood, fletch it so the bolt grain is perpendicular to the string and possibly even add an end of heavy duty plastic, horn, metal or stabilize the wood with an epoxy it should work out for you just fine. Especially in a recurve crossbow you will have no problems. Medieval crossbows were of atleast 200 lbs draw for sporting bows and up to 500lb draw for war bows and used wooden bolts. Many siege crossbows of heavy weight did use a full forged metal bolt but they were of very high draw weight.
If you use Port Orford Cedar, Ash or Hickory you should be just fine. I would suggest reading all you can about making arrows and bolts and NOT scrimp by using hardwood dowels from a lumber/ hardware store. They can rarely tell you what kind of hardwood those dowels are.
IF YOU TRY THIS YOU ARE ON YOUR OWN AND ARE TAKING THE RISK HOWEVER SMALL IT IS ALL ON YOUR OWN. I have made wooden crossbow bolts and have never had a problem. I know of noone who has ever had a problem but that being said I AM NOT RESPONSIBLE IF YOU DON'T DO THE PROPER RESEARCH.