I've done some playing around with smaller fletching just because I know someone who uses them. What I found was - if a shaft shoots darts bare shafted it can shoot darts no matter what fletch size is used IF your release is perfect. The results, even with broadheads were great until I plucked a little and then who knows where that arrow is going to end up. There just wasn't enough steerage with the smaller fletch and a large broadhead under a less than ideal release.
As is surmised, the arrows flew great in the wind with fletching as small as 2". Much less kick to the side. My set up was a 720 gr. arrow with 23% FOC and a Grizzly Kodiak up front. A slight change in vertical point of impact at 30 yds. but less than I anticipated.
The problem isn't the equipment, it's me, the shooter, being just inconsistent enough so the smaller fletch hurt more than help. If I had more consistent form on release, I'd change all my arrows over to 2". These weren't commercial fletching just cut down 5" parabolic.
Now, for use with field points, blunts, or real small broadheads they might be the ticket but I never tested those.