My personal experience with elk hunting and with the friends I bowhunt with have helped provide me with my personal conclusions.
The last bull I shot in 2006 was with a 512 g. Axis arrow out of a 62lbs. DAS recurve with a STOS broadhead...and that arrow went through the broadside of that elk's heart and lungs like a hot knife through butter unlike the bulls I shot the previous years.
My bull in 2005 was shot with a 720g. Grizzly Stik and was also shot broadside through the heart and only got 18" of penetration.
My very first bull was shot 1/4ing towards me through 1 lung and the liver with a 640 g. aluminum arrow and got 23" of penetration .
All the elk were shot within 15 and 20yrds. with arrows bareshaft tuned and with bows near the same performance and of draw weights between 62lbs and 69lbs.
My friend followed me with similar results and equipment choices.
His best penetration was with an Axis arrow using a Silver Flame broadhead...and his worst penetration was with a heavier Grizzly Stik using a Shkote broadhead.
My conclusion are:
Arrow weight alone won't make up for slightly different broadhead designs.
Broadhead design plays a bigger role than arrow weight within reason in an arrow's penetrating potential.
My STOS out performed both the Ribtek and Shkote of similar weight with a lighter arrow.
Arrow diameter can definitely affect penetration.
FOC can definitely affect penetration.
Speed can definitely affect penetration.
Arrow weight can definitely affect penetration.
Arrow tunage can definitely affect penetration.
Final conclusion...there are many factors that affect an arrow's penetrating potential and arrow weight isn't necessarily the most important or the one that creates the greatest penetration.
I don't have nearly the experience as Dr. Ashby has...but these are my personal experiences...and are my personal opinions.
I don't claim my conclusions to be absolute fact.
Ray