I have recently made the commitment to move down in draw weight to the lo 40s due to multiple shoulder surgeries.
But even in the low 40s I wanted a fairly high FOC hunting arrow to maximize penetration and performance.
I found a pretty light 400 spine shaft, the GT Velocity. After making up an arrow that is tuned at 30" long, I have 255 grains up front (125 gr insert, 125 head, and 5 gr carbon collar). That results in a 530 gr arrow that is over 20% FOC. If I had not started with a light shaft, I would have not ended up with as much FOC, and the arrow would have been heavier.
I also tuned a fairly standard weight 500 shaft for the same bow that turned out to be 495 gr.
...and I am thinking of playing a bit with 600 spine to see if I can get an arrow down to about 9.5 grains per pound of draw weight for 3-D shooting.
It all depends on what you are trying to achieve with your formula of shaft/fletch/wrap/nock/insert/etc. Is overall arrow weight most important, or FOC, or the head weight you like to use, etc.?
I agree that great arrow flight is of primary importance. It is the arrow that hits the target and does the killing.
By the way, I would bet that your draw length will shrink a bit with a trad bow, probably by a half inch or so.