RE: lowering the poundage
Bowtechs are 2.5 turns for a 10 lb weight range. Other bows are like 5 to 7 turns for 10 lbs and some bows have a larger draw weight range like 15 lbs or so.
If you have a manual for your bow it should say. If not go to a shop with a scale and measure it with each turn to be sure. Like Nubo said though, one turn regardless of the bow you have should get you where you need to be.
How does it shoot? You should be doing some sort of test like bare shaft testing or something to determin the correct spine to bow set up.
Yes shooting an extremely weak arrow out of a bow could possibly do damage to it. I wouldn't be too concerened about though. I don't think your arrow is that weak. More dangerous would be that arrow could break upon release. That could damage the bow and you! Again though, I don't think your arrows dagerously weak so I wouldn't fret over it.
Paul