As I am sure you remember from your fluid dynamics and aerodynamics classes A smooth surface only has less drag in a laminar flow. Once the flow goes turbulent, like in the speeds of the flight of an arrow, then you actually have less friction on a rough surface. That is why a golf ball is dimpled, the olympic swimmers have dimped suits, the Tour de France guys where dimpled suits, etc. Now as far as arrow removal from a target goes, sure it would work, but I don't see arrows selling for $25 a piece because they slide out of a target easily.

Edit: I would think the dimples would bounce on the rest and be awfully tough to get off the bow correctly, at least with a prong rest like mine.

Atlas, don't worry about ingesting slivers of Teflon, it is only toxic in a gas form. Now, it does become a gas at a relatively low temperature, so if you are cooking on it you do not want the pan to get too hot. On the plus side, you cannot digest it as a solid so it will just slide right through you.