Hey Dan,
Ya didn't say much about using a rest, shelf or hand etc.....but if your wheelie arrows are flying good and the wooden one isn't, I suspect that ya may need to move your string knocking point (most probably upward)....the wood is probably not the same diameter as the others, and the spine is probably different also.
Short answer would be that if "porpoising" is the problem it's most likely knocking height, and or your string release from your fingers....it's pretty easy to "pluck" the string at 40# (maybe some of each). I'm assuming that you have same type of knocks on the arrows also.....there's a lot of things that can affect the arrows' path as it leaves the bow....but at least ya can start with this.
rich