Hey Bill,
First off, I think you'll love those arrows when they're finished. I tried a bunch of different carbons, including the MFX classics, and the FMJ's are great.
If you want to use the hotmelt, the insert tool that comes with the slim diameter arrows has a ring that - for lack of better terminology- squeegees out excess gluee as you retract it. It should work to elminate excess hot melt build up as it does with epoxy.
That being said, I always use the 100-grain brass inserts and some type of epoxy. I use goat tuff for fletching, but my experieince is that it dries way too fast to use on the hidden inserts. I don't use hot melt, so I don't know if you'll run into those problems with it.
Good luck.
(FWW, I've been in Montana for 15 years but I'm from Keene. I've been thinking pretty hard about getting back that way when I get a chance for a moose hunt.)