Do you mean your current arrow length is 28.5 from the groove to the insert? Do you mean that 1.5 inches is sticking out past the riser, not counting the point? If that is true, then it looks like your draw length is about 27".
If your new arrow will be 400 grains, that would be 10 gpp if you're pulling 40#, which is ideal. Since you're pulling less than 40#, your gpp will be even higher, so I don't think you need any additional weights.
What you need to do is to get the correct spine, so you will have good arrow flight. I don't know anything about Beeman MFX Classics, so maybe somebody else can tell you if you're starting in the ballpark.
If that's the right arrow for your setup, I would start with one that is cut a little long, maybe 30" and get yourself some 100 grain points and some 145 grain points, as well as the 125 grain ones. Leaving the shaft long and using heavier points reduces the effective spine, while using lighter points and shortening the shaft increases the effective spine. If you start with long arrows and the 145 grain points, and arrow flight improves when you switch to the 125 grain or the 100 grain points, then you can cut an inch off the end of the arrow and try it again, until you're happy with the arrow flight.
At some point, if you take this seriously, you should read a whole lot more than I'm saying above about arrow tuning, but this will hopefully get you started.