Well, this one has gotten borderline nasty eh? Guess I'll throw my hat in the ring and see if I help or hurt things....
Couple points, An arrow that is heavy in one bow will be light in a heavier bow.
A grain weight that is medium to heavy out of a strong bow will be grossly heavy in a light bow.
The better shot you are, the less you need to rely on a heavy arrow to compensate for a chance misplaced shot.
It's all about moderation even if you are talking about how heavy you should go. I say, moderately heavy for the DRAW WEIGHT OF THE BOW.
A 400 grain arrow from a 40 pound bow is (to my mind) moderately heavy at ten grains per pound. If shooting 8 grains per pound, that is the low end of heavy. 500 grains would be borderline too heavy as it would start affecting performance. Sure it would hit hard and penetrate well if properly tuned but trajectory suffers. Of course, the standard response is that "if you are hunting with a light bow, use heavy arrows and keep your shots under 15 yards." (Or something similar. We've seen versions of that line thousands of times here.) But honestly, as George, Jason and others have said, that 8 grain/pound arrow will shoot through pretty much any deer out there. The trajectory will be pretty much the same from a 40 pound bow as a 60 pounder if the grains per pound are the same. Honestly, shooting 60, 70 or 90 pound bows for deer is like using a .300 win mag or .416 rigby rifle. Overkill plain and simple. Then too, do guys who shoot those heavy weights need to shoot the heaviest arrows they can out of their bows? Nope.
Not nocking heavy bows, I shoot a tad over 60 and don't consider it heavy, just comfortable and I'm confident of a pass through on any deer I shoot but what about someone like my 13 year old daughter? She'll be shooting a 40# recurve and I'll go with the heaviest arrow that will fly well. I expect that will be around the 10 or 11 grain/pound range but I'll test it with lighter arrows front loaded to make the weight I want and see what FLYS best. Honestly, for her, I'd probably go with an extra heavy and tell her to keep her shots in close (remember that line above?...) But, if she was able to hit a tennis ball regular out to 20 yards, the lighter(medium heavy), faster arrow that still flies well would be the more efficient choice. Not more efficient by penetration standards but by accuracy, trajectory and distance standards. Sure it wouldn't be the BEST penetrator but it would be more than efficient enough to shoot through a deer if properly placed.