There's a little museum in Globe, AZ and most of the points on the arrows there are that small. You'd be hard pressed to find one any wider than your thumbnail. My brother sent me some photos of them that I don't have anymore, if he gets on here maybe he can upload them. I think we too often over estimate the size used for normal hunting. I know if I needed to get something on the fire to eat I would use whatever I could to get it done, regardless of size.
Cool point though, and heres another thought, I wonder if we just don't find as many of the small points because, well...they're small?