If you are planning on 40 yards, I personally would use three pins......30yd pin dead center of the pin guard. Now if I were to only hunt from a stand, I would use a single fixed pin sight. Determine yardages for your setup and use a 6 o'clock hold close, a center shot dead on yardage, and a 12 o"clock hold for the longest.
But....sounds like you are talking an adjustable single pin. A sight is a sight.....use your bubble for quick reference and the bow shoots the same regardless of sight. DOesnt matter what point is on the arrow so long as the bow is tuned properly.
And...I would think inside of 40 yards youd play hell ranging, then adjusting a sight on a full alert animal when mere seconds count.