Some states like Michigan do not have that many regulations on bow hunting. There is no minimum arrow weight here. Which is good because it is not something you can impose on every person with every set up. The limit would be set by some idiot that doesn't haven't a clue what he is talking about. You can't set a fixed arrow weight for set ups that vary that much in peak draw weight and length.
I personally would not shoot an arrow that lite at that speed, but I bet it zips right thru a deer any way. Some womens and kids set ups shoot lighter arrows at speeds no where near that and get pass thru's if it is put in the right spot.
That is 60 ft/lbs of energy by the way, more than what my set up creates with 400 grn arrows and 240 fps.
Go to this website and you can calculate your energy and ballistics to see what is happening farther down the line.
Bowjackson's
I can't imagine that light of an arrow at that speed is too good for your bow though! I would not want to do it on regular basis unless you want to do maintenence on your bow frequently. I hope you at least have limb savers. And what arrow did you find that spines correctly for that set up?
Paul