I like to believe that the Moldvay, Cook and Marsh version of D&D is near perfect and everything in it was very carefully considered and forms a utopian synergistic whole. I also know that all it takes is to look for the description of the Detect Invisibility spell to blow that belief out of the water but let me dream.
Looking at the Missile Fire Ranges and Variable Weapon Damage tables in the Basic rulebook there are four missile weapons (not including thrown weapons):
Crossbow* Short 5-80, Medium 81-160, Long 161-240, Damage 1-6
Longbow Short 5-70, Medium 71-140, Long 141-210, Damage 1-6
Shortbow Short 5-50, Medium 51-100, Long 101-150, Damage 1-6
Slings Short 5-40, Medium 41-80, Long 81-140, Damage 1-4
* Two-handed weapon - always looses initiative.
Even though longbows and shortbows are not marked as two-handed weapons they obviously are. However, I like to think that this isn't a mistake or typo. I like to think this is a deliberate design choice to differentiate longbows and shortbows and allow them to follow the normal initiative rules.
This gives four distinct missile weapons:
1. Crossbows have the longest range, can be used by anyone except clerics but always loses initiative;
2. Longbows are in the middle for range, follow the normal initiative rules but can't be used by dwarves, halflings, clerics or magic-users;
3. Shortbows have only a slightly longer range than slings, follow the normal initiative rules and can be used by anyone except clerics and magic-users.
4. Slings have the shortest range, low damage and can be used by clerics.
Of course, then the Expert rulebook throws out this idealized belief of mine when it says that crossbows can only fire once every other round.
Oh well, I can ignore that if I have to.