I' d say you' re right. Momentum should be considered more of a factor in penetration than it is. It darn sure shouldn' t be totally dismissed like a lot of people do.
Say someone' s got a rig that shoots a 350 gn arrow, 300 fps. He' s getting 70 ft lbs of energy and .4655 pound-seconds of momentum. Another guy is shooting a 700 gn arrow out of a longbow at 150 fps. He' s also getting .4655 lb-secs momentum, but only 35 ft lbs of energy. Both setups have proven in the field they are capable of poking an arrow clean thru a deer. One arrow carries twice the KE and twice the speed of the other. The only common factor is the momentum.
To get that 700 grain arrow up to 70 ft lbs, it has to be ripping along at 212 fps. A whopping 62 fps more than the longbow is flinging it. At that speed, momentum has increased to .6580 lb-secs. Increasing speed 29% also increased momentum 29%. At the same time, increasing speed by 29% increased KE a full 100%.
KE is the popular number to look at because of the popularity of light, high speed arrows. It' s real easy to get a high KE figure with light arrows, but very hard to get high momentum figures with light arrows. To get that 350 grain arrow up to .6580 lb-secs, you' d have to jack the speed up to 424 fps and KE up to 140 ft lbs. Again, that' s a 29% increase in momentum for a 29% increase in speed and 100% increase in KE.
Since I' m kinda lazy, I like getting my momentum the easy way.