While the laws of physics certainly apply to shooting an arrow, the science of determining nock height is more empirical than theoretical. We want to locate the nock such that a bare shaft shot from the bow will fly straight toward the target, not nock high or nock low. When the bare shaft flies straight, less error is introduced into the flight path of the arrow from oscillations, and the force vector of the shot is aligned with the arrow, rather than having both a vertical and horizontal component, meaning better penetration on an animal. The reason for the determination being empirical rather than calculated is that nock heights can vary from dead level to an inch over square, with many in the range of 1/2” to 5/8”, as you note, because of many variables from bow to bow and shooter to shooter. Rather than trying to isolate all of these variables and devise a formula for them, it is simpler to just shoot a bare shaft and try different nock heights until you find one that results in level flight.