Welcome to bowhunting Mo! You are in for a real treat once you get to the point where you can hunt. The advice given above is right on.
I will respond to this though.....
" I am shooting about 1/2" to 1" below where I am aiming and anywhere from 3/4" to 1" to the right of where I am aiming and am shooting this consistently and consistently shooting 1" or less groupings."
Without seeing you shoot, and based on what you're saying, it sounds to me like you may be doing a couple of things to cause this. Fortunately the first thing will lead to the others, so by fixing that one you should solve the others.
When you draw a bow, think of the drawing arm as merely an apparatus which holds the bowstring. The back muscles should be the ones actually doing the work. Some people like to "pinch" the muscles between the shoulder blades to achive this. I like to simply think "push" the BOW HAND FORWARD throughout the entire shot sequence, which must include a follow through. Failure to to this will cause what we call the "collapse" of the back muscles before the entire shot sequence is completed, after which everything goes to hell. Dropping the bow arm then follows, and shooting below and to the side of where your aim point is, is an indicator of this. When you consistantly push the bow hand forward, you cannot help but to use those back muscles. Too many times a shooter will get to his anchor point, and then "hang" on it, causing the back muscles to relax. A good consistant anchor point is critical, but I seem to shoot better when my hand is just lightly touching my anchor point so that I'm still pushing.
This is a VERY common problem, and I would hazzard a guess that the majority of archers here, myself included, look to this issue first when our shooting isn't quite what it should be.
Here's a short video that shows what follow through should look like. He doesn't talk about what I mentioned about back tension or push, but the images are accurate.http://www.youtube.com/watch?v=LuXzBMUEDqI
I will also define what I call the shot sequence. That would be the draw/anchor/aim/release/follow through. This sequence MUST BE practiced to the point of being so ingrained in your muscle memory, that you do not have to consciously think about it when shooting, so you can just focus on what your "spot" is. (You will hear the term "Pick A Spot" a lot when you start deer hunting.)
There are a few more things regarding going from firearm hunting to bow hunting, but that's for another time. For now, just keep practicing, and don't be afraid to ask us any questions here. Good Luck!