I got into this a few months back but haven't pursued it since. I sanded my arrow down about 6-7 inches and taped up and spraypainted it. Then put it in the crestor and made some designs. It wouldn't hold a fletch though. I might just go to wraps instead.
The purpose is to help you find your arrow once its in the ground.
This pic is one I painted and crested using
Trembow's design.