bk,
I could write a book on bow/arrow tuning, but it's already been done for me. Go to
www.eastonarhery.com and download their Tuning Guide. And read it first before you go tinkering. It gives basic info on how to set up bows and then goes through several tuning procedures from basic to very fine tuning. It's fairly detailed at times, but you'll learn a lot about the proper terminology and what it means.
One thing to pay attention to, especially if you get to paper tuning. Read the last paragraph on page 7. Sometimes release shootes get opposite results from the norm. Not to get into detail I'll just say remember it.
Once a bow/arrow combo is well tuned you'd be amazed at how much better your groups can get, especially when you start getting more consistent shooting form. Once you learn some of this stuff then you can start working more on speed. I'm still ealrning little tricks even after shooting compounds for 32 years. It's fun.
A just for further info, when I started shooting compounds the average was 180-190fps and 200fps was extremely fast. Somewhere in the last 30 years we've gained 60-100fps on those figures.