Tell it all to Monty Browning...he's been a heavy arrow advocate for decades now, and shoots much heavier out of his bows. If you read his most recent article, he still shoots even heavier using aboout the same weight bow (nowadays) that you are.
Perhaps not needed on deer/hogs, etc. But if you get used to shooting something regularly, changing up all the time for each critter you hunt can cause some headache, perhaps. My mantra is two holes for bloodtrails. At the close ranges I have to get to "hit" anything, the weight of my arrow isn't my big concern as long as it's adequate. I usually shoot from 600 to 700 plus grains for the bows I shoot which range from low-sixties to mid-seventies at my draw.
The advantages of a heavy arrow, IMO, for hunting are (regardless of diminishing returns...and since I shoot at such close range anyway trajectory doesn't seem to apply either) is that heavier will still absorb more energy from the bow...making the bow quieter (I don't buy the feather noise issue either for the same close range reasons); and allows you to use perhaps a bigger broadhead with more cutting surface and still get two holes for bloodtrails; and more momentum translates into better penetration for "iffy" shots; so again - a built-in type of insurance similar to shooting the heaviest bow you can handle.
Terry is right, I think, in that every situation or hunt requires a bit different thought process. I will regularly shoot lighter arrows for pronghorns - at longer ranges - because they are easy to shoot through and faster than greased lightning at the sound of the bow. So just think it through. But generally 10grns/lb of bow weight is a good place to start.