Arrows should be designed to most effectively accomplish the task for which they are needed. For example, if the purpose is to pierce armor, maybe a 600 grain bodkin point is needed. If the armor that needs to be pierced is 200 yards away, then the bow needs to be strong enough to get it there. Examining the bones of archers from the 14th and 15th centuries shows the results of doing that with 100+# bows, which aren't pleasant. Of course, the results of war, whether from the 14th century or the 21st century, are rarely pleasant.
Fortunately, our decision today needn't be quite so dire. We just have to decide how far away we want to kill a deer, and whether we have the skill to do it. We can increase our odds a little by using a heavier point, at the expense of reducing our effective range. If we know we are going to kill all our deer inside of 25 yards, we can use the heaviest head that will allow us to do that, at the bow weight we feel comfortable shooting. For most of us, that is going to be considerably less than 600 grains. If we're going to take shots further than 25 yards, we have to either increase our skill, get stronger, or use less arrow weight.