I hope I can answer this the way I see it, not quite sure how to actually word it, but I'll have a crack.
As I understand it, a very light arrow does not "absorb" as much energy from the bow as a heavier arrow will. It may not be as an efficient combination as the same bow with a heavier arrow. However, there will be an optimum point for every bow and arrow weight combination.
It may be splitting hairs, but as long as the bow the arrow is launched from is well designed, well made, has good string, and the shooter has a good consistant release and good form etc etc, in theory a heavier arrow (to a point) makes the bow more efficient. This generally means a slight increase in arrow speed.
I think McDave has answered it well, and as he also said, "this would have to be determined by testing".
Good question though.
Enjoy being outside.....
Best
Lex