Matt,
I know what you mean....the feathers will drag across the bow (and my hand) when I draw the bow. But it doesn't bother me.
There's a couple things I do to reduce the effect of the feather drag:
Fletch the arrow with soft feathers and/or rub my finger back and forth across the offending feather to "soften" it up.
As far as long distance flight, it's a matter of simple physics (is there such a thing?) Basically, the faster the arrow leaves the bow the further it will go. The drag caused by the long fletchings also affects flight, but the same arrow fired from a fast bow will still fly further than if fired from a slow bow. Also, shorter bows tend to be slower than longer bows of the same draw weight and draw length. So....it's pretty obvious that short bows are not designed for long distance flight.
That said, there's no reason why a short bow can't be made stronger so that it can launch an arrow faster and, therefore, further. There are some Plains Indian bows that are quite powerful...I've heard upwards of 80lbs in some accounts. Whether these were designed to be more effective at killing buffalo or killing an enemy at a distance is anybody's guess.
One thing stands out, though: on all plains arrows, the fletchings are cut short. I've seen some as short as 3/16". This reduces drag quite a bit.
I don't have the space to test the arrows in long flight, but I can tell you from experience that long-flecthed arrows fly very well at shorter distances. And I prefer long, short-trimmed fletchings over shorter, tall-trimmed fletchings any day.
And I will definitely test the performance of this bow. I think I like testing my bows more that I like making them.....maybe.