RE: how far
the only thing i would worry about is penetration with 50 pounds of pull.
i shoot 70 pounds and i know when i hit a shoulder blade at 20 yards, that thing shatters and i still get a pass through. i dunno what would happen past twenty yards with my setup and would worry what would happen if u (unfortunately) hit a shoulder blade with ur setup.
a far shot makes u a good archer,
a close shot makes u a good hunter.
just my $.2.
overall, i would say shoot however far u feel comfortable.