Matabele,
When it comes to speed the answer is, yes and no. Speed will make an efficient bow, but usually you have to give up arrow weight to do it. My 64lb Bob Lee could smoke out light arrows, but I’m decreasing arrow mass to do it; KE has a mass component. Both speed and arrow mass play a part. Short of playing with some arrows of different weights and a chronograph, I couldn’t tell you exactly how the relationship works.
If it were me, I wouldn’t worry too much about efficiency ratings, especially if there were only 3-5% difference. Many other things come into play that are far more important, most of which are subjective, like the bow’s shootability. I’d take a forgiving inefficient bow that shoots where I look any day over an efficient critical one. Besides that, all your modern bows will be plenty efficient for hunting. But if you’re into setting flight records, that is something else entirely.
Jeremy is right efficiency is calculated by using the potential energy, or the area under the force draw curve, but that is too cumbersome to work with and makes me have flashbacks of Calculus. If you do a dimensional analysis of KE/bow wt the units don’t cancel out to give a true efficiency. But for a quick down and dirty comparison between two bows, KE/bow wt. works. He’s also right that there is a +or- error of a couple of percent.