Disclaimer - I don't carry arrows when I'm trekking (I do a lot of my camping at state parks, where bows are not allowed), so my thoughts on the matter are mostly theoretical. I also use a rectangular brat-style cloak that I usually don't wear in cloak fashion while hiking; I typically wear it in an American Civil War blanket roll-type configuration while on the move, folded and wrapped across my chest from shoulder to hip, and unroll it after making camp when the temperature begins to drop in the evening. With than in mind, please take the following with however many grains of salt as you find appropriate.
It could be worth considering a separate hood and cloak, as opposed to the hooded cloaks used for the movies. Most extant garments and illustrations from the Middle Ages that I've seen seem to indicate that hoods and cloaks were individual garments more often than they were combined.
Tolkien does mentioned hooded cloaks, though:
The Hobbit, Chapter 1: An Unexpected Party wrote:He hung his hooded cloak on the nearest peg, and ‘Dwalin at your service!’ he said with a low bow.
On the other hand, a few other descriptions could be interpreted as describing separate hoods and cloaks:
The Hobbit, Chapter 2: Roast Mutton wrote:“Don’t be precise,†said Dwalin, “and don’t worry! You will have to manage without pocket-handkerchiefs, and a good many other things, before you get to the journey’s end. As for a hat, I have got a spare hood and cloak in my luggage.â€
That’s how they all came to start, jogging off from the inn one fine morning just before May, on laden ponies; and Bilbo was wearing a dark-green hood (a little weather-stained) and a dark-green cloak borrowed from Dwalin.
The Lord of the Rings, Book I The Ring Sets Out, Chapter 1: A Long-Expected Party wrote:From a locked drawer, smelling of moth-balls, he took out an old cloak and hood. They had been locked up as if they were very precious, but they were so patched and weatherstained that their original colour could hardly be guessed: it might have been dark green.
The Lord of the Rings, Book I: The Ring Sets Out, Chapter 9: At the Sign of the Prancing Pony wrote:A travel-stained cloak of heavy dark-green cloth was drawn close about him, and in spite of the heat of the room he wore a hood that overshadowed his face; but the gleam of his eyes could be seen as he watched the hobbits.
The last quote describing Strider
could be read as describing a separate hood and cloak, but it might be reading too much into "a hood" (as opposed to "
the hood [of the cloak]). I think a reasonable case can be made for Bilbo's borrowed dwarf cloak and hood being separate garments, though (even if Dwalin's other cloak is specifically a "hooded cloak"). That doesn't mean that Rangers used them, of course, but suggests they were around.
A separate cloak and hood can give the wearer a few more options than a hooded cloak. When worn in combination with a pack, the hood can be put on first and the pack can be put on over it. The cloak can then been draped over the pack, or packed away. Most medieval hoods have a capelet of sorts that covers the shoulders (to varying degrees), so in a light rain the hood can be pulled up to protect the head and the capelet will protect the shoulders. In heavier rain the full cloak could be used to protect Ranger and gear, at least until shelter could be found.
For use with a quiver, I think the advantage of a separate cloak and hood is that the opening of the cloak can be moved around the body without moving the hood. A quiver could be strapped on over the hood. For a right handed ranger, the cloak could then be clasped high on the right shoulder over the quiver. Some of the cloak would then need to be folded back over the quiver, but most of the cloth of the cloak would be on the left side of the body. Depending on sword length and carriage, this could potentially cause a new set of problems, but the left side of cloak could be folded back on itself to deal with that.
Here's some cloaks from the Bayeux Tapestry - one man is wearing his with the clasp in the center of his chest, and it looks like the other two are wearing their cloaks pinned at the shoulder.
I will note that most pictures that I've seen showing someone wearing a separate cloak and hood shows the hood as the outermost layer, not the cloak, but I think for our purposes it may be better to wear the cloak over the hood.