Maybe James is right in scientific vacuum, but all things are never equal in the real world. At longer distances, a lighter arrow outta the same bow may be above the line of diminishing returns that will allow it to have more energy, thus more penetration. Heavier arrows do noot always equal beter penetration. Contrary to the poplar claim, almost all penetration tests in equal media will result with the lighter faster arrow usually out penetrating the heavier slow arrow.
This maybe an attribute of what is generally a bigger shaft and it isn't blood and tissue but all test I have conducted show this and the ones I have read pretty much come out the sameway. So I often wander why this gets touted so much.
Now for real life purposes, I do believe that you can get too light and/or too heavy. I personally let my bow tell me what it likes but it seems to be in that golden 8-10 gpp of draw weight and it seems to work flawlessly.
So for the numbers you posted, I would recommend the 500-530 grain arrow. It will easily kill anything in North America, and moost of the world. Flatter trajectory, plenty of weight to penetrate. And yes, those speeds are very representative of what to expect with your setup. God Bless