I spoke to my physics professor neighbor about this a few years ago and the answer is, all thing being the same, yes.
So, if bow bows are equally efficient, and the arrows used fly well, then it would take the same amount of energy to move each grain of weight which means that 40 pounds of energy pushing 10 times that many grains (400) would have the same trajectory as a 60 pound bow pushing 10 times as many grains (600).
Of course, there will be differences but the underlying idea that if you keep the pound to grains ratio the same the arrow will fly the same is true.