I have tinkered like you want to. I took GT arrows (blue fletching) and taped the fletching with painters tape for taping trim. I then taped around the arrow at the manufactures label. Lastly, I sprayed a light coat of white paint overthe shaft. I only used enough paint to cover the dark color of the arrow.

The yellow flechted arrow was painted then fletched. I tore a vane afer 100+ shots from a whisker bisket. I saw in a previous post that Duco glued was used. I will try it next time.

It would not win any dipping contests but it is functional. I only wanted to track my arrow visually at shot. I do not know my arrow speed so I can't say how that was affected. I don't know how much drop, if any, because I practiced with these arrows too. Although, neither arrow flight nor accuracy were a problem.
Sorry about the pics. It took me an hour to up load it. Wow!