Daniel,
I started experimenting with smaller fletch last year by trimming down some already fletched 5". Seemed to work pretty good but my confidence level wasn't there.
Then this year, after listening to Ed Ashby at Compton, I got some new shafts and bare shafted with 31.6% FOC. Then fletched them up with 3x3" ACE type fletching that I had cut myself. I have been shooting them exclusively since about the first of July. I shoot both field tips and Grizzly Kodiaks and find they both hit the same point and fly great. The big advantage to small fletch is when shooting in the wind. Much less yaw in a cross wind.
I am convinced I could reduce the size even further but for now 3" works great and is what I will be taking on hunting trips this year. I was concerned that the big Grizzly Kodiaks might overwhelm the fletching but that has not happened. I shoot in a broadhead league every week - thru cardboard. Even now, with really ratty fletching, my broadheads are flying great.
As Ashby said, the higher the FOC the less steerage the arrow needs, and that has proven accurate to me.