Jeff,
I can't speak specifically for Mike's quivers since I don't have one and don't know what leather he's using, but this style quiver collapses on the arrows to hold 'em still and prevent rattling.
With a 2-blade head you just insert it vertically. With a 3-blade 2 edges will rub on the leather. It should hurt the leather, but will dull the edge over time.
The solution is to use loose booties over the heads. They generally fall off at some point when you take the arrow out so that's not an issue, or you can have a pull cord on the bootie to hold 'em on - you just need to take 'em off before you shoot
I love making and using the plains-style quivers and usually use the booties, even with a 2-blade.