The assumptions that too heavy of an arrow looses power just aren't proving out in testing. I shot arrows weighing from 450 - 2220 grains (the 2220 grains was a solid fiberglass rod from a blind)through four bows ranging in weight from 41 - 64 # - all drawn to 28"
Both momentum and KE kept increasing. In fact, a 740 grain arrow (137fps) from the 41 pound bow has more energy than the 450 gr arrow (204fps)from the 64 # bow. The 2220 gr arrow had almost twice the energy of the 740 gr. arrow from the 64 pound bow.
The really interesting thing in the preliminary testing, is that all of the bows lost about 100 fps from the 450 - 2220 grain arrows.
Look at it this way - if you could make and arrow that weighed 1/2grain, it would leave the bow at whatever speed the string is travelling in a "dry fire" situation - maybe 400 fps, but it would only go a few feet and have no energy - imagine a whiffle ball. Now, a bow could "launch" any arrow lighter than the bow's draw weight (a 40# arrow from a 45# bow) - granted perhaps not very fast and not very far, but it would probably penetrate pretty well. There probably is a scentific formula for this all, and there well may be a point of diminishing return for power only, but I would think it would be in arrows weighing pounds, not grains.
Power isn't the only consideration, you do have to be able to actually shoot the arrow, but I've noticed little difference in my ability to shoot accurately whether my arrows weighed 450 grains or 750 grains - and yes, I can shoot further than 20 yards.
I'll do more complete, careful, and detailed, testing and post some results on a new thread in the next days.