I'm going to asume "ranged" means bow or throwing weapons here, as Throwing Knives are more of a casted skill, and don't work at that well at any actual "range".
I don't see why you wouldn't be able to make a ranged Dreamkiller. However, I do think a lot of the specific skills that make Dream such a strong mastery, lose their value. If I'd make a ranged Dreamkiller, I'd go heavy on pets, and I'd pick Trance of Empathy.
The latter is quite a thing. Players tend to go for either Trance of Wrath or Trance of Convalesence for more defensive requirement, but I don't see why this build would need any energy regeneration buff. It's not a caster, you're not spamming any skill, and pets should not require any significant in-fight expenditure. That taken into consideration, the health conversion of ToE probably results in higher health gain than ToC's health regeneration buff, while ToE's reflection beats ToC's damage absorption
.
so....
calculated strike vs psionic touch
which one is better for bows?
You have to bear in mind that what this class misses most is main attack AoE.
I was thinking PT at first, because it does give at least some AoE, but CS is clearly better. The damage is higher and the 100% chance to pierce results in higher multi target damage.