If you were in a survival situation, and did not have the resources to make a decent point, yeah, a fire hardened wood point would be better than nothing. Myth Busters, are not infallible. In fact they have made a bunch of statements that are not so. You have to remember, it is like the so called "Reality" shows, that are not. Anyway, Like slackbunny, and Joec123able said, there are a lot more variables to consider in the difference between an animal, and a block of Ballistic Gelatin. Wood points, won't normally go through ribs. They don't cause large amounts of bleeding. And with either wood or stone, shot placement is key. The ten per cent data is very flawed. Now as to your original question, what do you need as far as bare minimum? Like Buckeye Guy said, a strong will, etc. But you can get by with a knife, and stick with a hole, or notch, and your knee, or a piece of limb. These will be used to straighten the shafts, after heating them over a bed of coals. But if you have a heat gun, that works quite well. Just be sure to watch how hot you get the shaft. You don't want to scorch the shaft. You want to move the shaft back and forth in the area you want to straighten, and then straighten that section, and then move on to the next. If you are using boo, or cane, straighten between the nodes first, then the nodes, but be careful with the nodes, go gently with them. But basically, a knife, a stick with a notch, or hole, for bending crooks, and a limb, or knee for bending out curves in the shaft, and a knife to scrape, and cut the notch for the point, and the nock. Ok, don't knap, or don't want to use stone points, make trade points, or buy commercial points. Or even make bone points, they are better than plain wood points. That is pretty much all you need to make shafts. Fletching, well feathers, sharp knife, or scissors, if you have them, sinew, or fine upholstery thread, unwaxed dental floss, etc. , pitch glue, super glue, model glue, etc. Wrap a layer of thread, sinew, etc. just below the nock, and just behind the point, if you are using trade points, etc. where you cut a notch to accept it. These wraps should be about 3/4 of an inch to an inch in length from the notch, and about the same from the nock. You want sufficient wrapping to help prevent splitting. Also smear, and smooth the glue over the wraps. If you are putting a trade point, or stone, you want check the alignment of the point. You can place the point on a flat surface, table, piece of wood, your hand, etc, and spin the arrow, and see if it wobbles. If so, realign the point. Welcome to Arrow Smithing 101.
There are a lot of postings here on PA, and You Tube. Getting info, and pictures and video is not a problem.
Good luck.
Wayne