I've been extremely pleased with Grizzly broadheads. With a 40lb bow I would stick with any reputable 2-blade. I would recommend one with a more narrow cut and longer point for better efficiency, whether it's a Grizzly or not. I like single bevels better than double bevels but a double bevel isn't going to prevent you from killing anything that you hit properly so I wouldn't get super caught up on that if you prefer Zwickeys or magnus or VPA or any of the other exceptional heads out there. Just make sure they are sharp.
As for arrow, I would get the one that tunes properly for you and your bow. I'm not trying to cop out but that's the honest truth. I prefer carbons because they are more durable in my experience and allow me to do more stuff with point weights.
If you go carbons would reccomend doing small game arrows with 125gr points and bringing up your overall point weight with weighted inserts as needed to match your broadheads. By doing this you can use 125gr field points, screw in rubber blunts, steel small game hunting blunts, screw in Judo points, AND 125gr broadheads for small game. This versatility is a HUGE advantage for the small game hunter as every situation calls for a slightly different build. Then on your "deer" arrows or other medium sized game animals put as much weight in the broadhead as you can and use lighter inserts to match the overall insert/point weights on your small game shafts. Doing this lets you beef up your bladed broadheads for improved durability and larger heads with better geometries without messing with your overall point weights.
For example, my quiver has the following build types all of which are within +/-4 grains of each other on my scale and shoot to the exact same point of impact. All are built on Gold Tip Traditional shafts, but I could have done a similar build with a plethora of other shafts just as well. My batch of arrows for my main bow is 3.5 dozen and I just grab and go with whatever I need for a given situation:
- 100 gr insert, 125 gr field points, 13 gr footings - target work
- 100 gr insert, 125 gr RFA Talon small game points, 13 gr footings - squirrel and rabbit hunting
- 100 gr insert, 125 gr screw in rubber blunts, 13 gr footings - rabbit hunting around buildings and occasionally stump shooting
- 100 gr insert, 125 gr Judo points, 13 gr footings - stump shooting or occasionally rabbit hunting in areas with THICK vines/grasses when I'm concerned about loosing a shaft
- 100 gr insert, 125 gr Magnus Stinger broadheads, 13 gr footings - squirrel, racoon, and bird hunting
- 13 gr insert, 185 gr Grizzly single bevel broadheads, 43 gr Aluminum broadhead adapters - deer, feral pig, racoon, elk, bear hunting