So... I'm sure a lot of folks have more experience with this than I do, but I thought I'd throw out what happened to me over the course of the last two seasons, and what (I think) it means.
Last year I built a set of BE Carnivores with Ethics outserts and factory fletching. Bow is a Vertix, 75 lb mods, last year 30" draw, 75 lb mods. The arrows were 566 gr with 150 gr heads, and 541 with 125s. They were all going low 280s IIRC.
I tried these arrows with five different heads last year; Magnus Stingers and Black Hornets, IW solids and wides, and Cutthroats. The three narrows heads (Cutthroats, IW solids and Stingers) all flew right with FPs to 60 yards, and would produce the same kind of group size. The wider heads were fine at shorter distances, but beyond 30 yards or so, their flight was just not as consistent/the group sized opened up significantly at longer ranges. I couldn't figure it out last year, but resolved to try something else in the future.
So I bought a different kind of shaft initially this year, and bought a fletching jig. Heard good things about Heat vanes, so I tried them initially in a four fletch configuration. After a couple months of shooting these things, I was flummoxed because I was just not shooting as well as I had been last year, even with field points. So I bought another set of Carnivore shafts, and out of an abundance of caution, bought Blazer vanes for them as well. Turned out that the shafts were the problem, which became evident when nock tuning the Carnivores took less than a quarter of the time that the other shafts did, and turned out better.
My new Carnivore build came out at 554 gr with 125s/579 with 150s, in part because of the fourth fletching and in part because I cut the shafts a bit longer because I also switched the bow to 30.5" mods. Speed this year was 285 with 125 heads, and 282 with 150s. I also made four each in 3* right, 1* right and 3* left just to see if that made any difference.
I didn't get around to trying the IW wides (long story), but the Hornets became the best flying heads I had after switching to a four fletch. All the other heads that worked well last year still worked well this year. The only new head I tried was a Kudu 150... which is as wide as the IW wide and also isn't vented. It's a bit inconsistent past 30 yards as well, even with the four fletch, although not quite as bad as the Hornets and wides were last year.
If there's any benefit to fletching direction, I'm not a good enough shot to discern it. I read somewhere that arrows can't spin fast enough to really get stabilization from any angular velocity that fletching can impart, and I could not disprove that. At one point, I shot two of each fletching configuration with Black Hornets into a total 6" group at 70 yards.
I also read somewhere that any fixed blade head going faster than the 280s is going to be hard to get to fly right. My setup is right on that limit, if there's any truth to that, and the reason I built these arrows this way was to keep them in that speed range.
My guess, and it's only a guess, is that once you get an arrow going so fast and have so much broadhead surface area... you probably need a certain amount of fletching surface area if you hope to get consistent flight, particularly at long range.