You want to cut cane that is about 3/8" in diameter at the base. You also want to cut mature cane, ones that the paper sheaths at the nodes are partually dertrriorated or gone altogether. Color change seems also to be an indication of maturity. When young(first growth year) the the culms are bright grees. As they age they turn more of an olive green or yellow green. If they have already turned tan or brown, leave them be.
I have a few arrows, cans and sourwood shoots, that are two fletched either Cherokee style or modern style and they have stone, trade points or commercial points. If the arrows are made well, two fletch will shoot as well as any other fletching style.