Scott, when average penetrations are actually measured there's no difference in tissue penetration between a shaft that's 5% smaller than the broadhead's ferrule diameter and one that 25% smaller than the broadhead's ferrule diameter. In some materials, such as most foam targets, which are designed to stop arrows by shaft friction, the surface area of the shaft becomes very important in the penetration shown, with very skinny shafts out-penetrating shafts even slightly larger in diameter. That difference does not show up in the measured tissue penetration. Fresh tissues are a blood-suffused environment, with the blood acting as a lubricant, reducing the frictional coefficient.
As long as both shaft's have a daimeter at least 5% smaller than the broadhead's ferrule there will be no consistent, measurable difference in tissue penetration. On the other hand, the degree of FOC; once FOC reaches 19% or greater; has an enormous effect on measured tissue penetration, and the lighter the shaft, the easier it is to get higher amounts of FOC.
I hope I explained that clearly enough to be understandable.
Ed