A couple of points to consider:
When you select a stiffer shaft, and then add extra point weight to make it shoot properly, what you are really doing is making the stiff shaft bend more to overcome the inertia of the heavy point. The end result is that the stiffer shaft bends as much as the lighter spined shaft. Otherwise, it wouldn't tune properly. I'm not sure that everybody understands that.
The most extreme case of FOC can be illustrated by a broadhead with a string tied to it. If you could somehow propel it at arrow speed, penetration would be questionable, since the broadhead would not be stable as it penetrated an animal, because of the considerable variability in the density of the tissue it was penetrating. The function of the shaft is to guide the head, whether it is in the air or inside an animal. Differences in the flexibility of the shaft at the point of impact are immaterial to the reality of pushing a sharp head through skin, muscle, organs, etc. There's so much variability in this equation that the influence of a single variable (FOC) is not likely to be detectable in reality.
Penetration is more likely to be determined by the alignment of the arrow shaft with the point when it hits the target, than the distribution of weight between the head and the shaft. An arrow that's wobbling when it hits won't penetrate well, regardless of FOC. One that's flying straight WILL penetrate well, also regardless of FOC. There may be some degree of difference, but I just can't believe that it's enough to matter significantly in the big picture. It's easy to get balled up in theoretical details.
As long as the arrow is flying right, the best way to increase penetration is to increase total arrow weight. Whether this is accomplished by a heavier shaft or a heavier head or both, the end result is the same. That much we know to be fact, based on real world evidence.