I think that's all it really comes down to, efficiency. Steve Gardner and others have mentioned that the heavier the arrow, the more efficient the bow will shoot. Hill used a 1700 gr arrow out of a 115# straight bow, and got 31" of penetration. Fred Bear, however, used an arrow around 800 gr if I'm not mistaken though.
Here's how I see it in terms of final killing power. Say you have two bows: one is quite efficient and will shoot a 450 gr arrow at, let's say, 185 fps with no more shock or noise than a 600 gr arrow. The second bow, however, will only shoot the 145 gr arrow 5 fps more than the 600 gr arrow at, let's say 160 fps. However, becase bow two is less efficient, the lighter arrow will also come with more noise and handshock, the energy going into the bow and string and not the arrow.
I shoot these small-diameter 600 gr arrows out of bows 75# or more at times (my heaviest bow, a real dog, being 86#), and am just now starting to think about making a lighter bow of 65#. Given those weights, that 600 gr arrow could be considered "light", with a 450 gr arrow almost a dry fire
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