It can be done with inserts with carbons, or sleeved with aluminums, but IMO it's bad mojo. Anytime you start changing the internal flex of the arrow's spine, you're rapidly going to change the stiffness of the arrow and how it reacts. On a bow with an offset sight window, where the arrow is released inline with the string (I'll let you figure out what kind of bow that is), it's not as big of an issue, on a traditional bow you'll be fighting extremely stiff arrows.
At one time I kicked around the thought of take down arrows, but at the end of the day - 1) I've only got a 27.5-28" draw, my arrows are cut to very near the shelf, and most of my takedown bows are nearly the length of the arrows without the tips on them. So - to me - it wasn't worth trying to reinvent the wheel when my arrows only stuck out an additional 3" over the rest of the takedown, and UNDER the limbs if using a two piece takedown.
Of course, your mileage may vary, and I have no idea what your plans for the system would be.
Good luck with your experiments!