Adding arrow weight could help, but the best way to make up for a short draw is to shoot more weight. If you're talking about improving the performance of a specific bow, there are a few things you can do.
Let me provide an example for you. Before I do, though, I'll say that, regardless of the setup, is that a perfectly flying arrow, a razor sharp broadhead, and being able to place it in the right spot are, without a doubt, the most important things to consider when hunting. And remember that little changes will require retuning your bow.
Now, let's take a Hill style longbow, 50#@26", with a B50 string. Such a bow will be on the slower side of bows in that weight simply because of the design. However, with a 10 grain per pound arrow (500 grains) and a razor sharp broadhead, it's more than enough power to hunt small game, whitetails, mulies, average-sized hogs, and even elk. It has more than enough oomph to shoot clean through a whitetail.
If you wanted to increase the performance of that bow, the first thing you could do is add a skinnier string. This, in and of itself will add speed to your existing arrow, or it will allow you to shoot a heavier arrow at the same speed.
If you wanted to additionally maximize your penetration, you could add arrow weight. There is a point of diminishing returns, though, meaning you can go too heavy.
Then there is the whole FOC (front of center) issue to consider. A fellow named Dr. Ed Ashby has done the most extensive studies ever done regarding arrow penetration and arrow/broadhead design. I won't go into all of the details, but he proved that significant gains can be made in penetration by designing an arrow correctly. It is possible to have a bow of relatively low poundage, using an extreme front of center arrow, out penetrate a substantially heavier bow, using a regular FOC arrow.