Lowedog...Your program is flawed in regards to arrow penetration. At least from the numbers you have posted here. From what it looks like, someone took a ballistic calculator used for cartridges and converted it to arrows. Please email it to me when you get a chance or upload as an attachment to your post and I will play with it.
I am going to try to break down physics in the easiest possible manner for everyone reading this. (That may only be me, you, and Ray at this point)
Momentum = Mass*Velocity. Momentum is what determines penetration. For our arrow weight test Mass is a constant. So what are the variables that can effect Velocity? That is how you have to think about this problem. Friction increases as the broadhead penetrates the target. Friction will slow a smaller mass more quickly than a larger mass. What increases friction? The number of blades, the type of point, the cutting surface area, the drag of the arrow shaft, the type of material the shaft and head is made of. What else will have an effect on the forward motion of the arrow? Any mechanical process that is needed to open blades. Try jumping straight up in the air as high as you can go. You throw your arms straight up in the air to help keep your momentum in a straight line. Now straight up in the air while throwing your arms out to the side. Did you jump as high?
Ashby didn't come up with this stuff on his own in 1997. The mathmatical theories behind his studies have been around for hundreds of years. All he did was take physics and relate it to arrow penetration.
What are some of the advantages of mechanical broadheads? One of them is they can offer better flight characteristics and stabilize the arrow more quickly. This will keep the momentum of the arrow in a straight line and will give it better penetrating power than an arrow that wobbles. Stable arrow flight is one of the top factors for penetration.
I don't need to present any scientific data to prove that a single fixed piece of steel has greater structural integrity than something with moving parts. If your common sense can't figure that out, than it isn't worth trying to convince you otherwise.
In any type of hunting you are trying to inflict fatal damage to an animal. With bullets that can be a transfer of energy that ruptures cells and damages organs due to the impact of a bullet. In bowhunting, maximum penetration is king, since this will cut through the maximum amount of tissue. Kinetic Energy should not be used to determine killing power when talking about bowhunting.
If you want to really delve into the math behind this, study this link.
http://en.wikipedia.org/wiki/Momentum Pay particular attention to linear momentum. Then study up on friction which will help you better understand what forces act upon an arrow in flight (air drag) and as an arrow enters into a target.
http://en.wikipedia.org/wiki/FrictionThe only advantage to hunting with lighter arrows is a flatter trajectory and the amount of time spent in the air before it reaches an animal. Period. A heavier arrow, with all of factors being the same, will penetrate better out of a bow that shoots 300fps than a bow that shoots that same arrow at 290fps, regardless of the type of bow.
I appreciate your openmindedness to all forms of bowhunting, but you are using a program that gives you bad information in regards to arrow penetration.
As far as testing studies. Every "independant" study I have read has shown that mechanical broadheads fail at a higher rate than fixed. I can find numerous studies that are backed by manufacturers that state otherwise but those aren't exactly unbiased.