For 3D the rules are simple: Shoot the fastest arrow that you can shoot without compromising accuracy, or in the case of speed restricted shoots (such as ASA) shoot the most forgiving bow / set upthat will get you the speed you need (Generally 280fps + 3%).

For Hunting, I tend to usually fall somewhere in between the 2. I like a hunting arrow in the 290fps range regardless of what bow I am shooting or what draw weight. I will tailor the arrow to fit the bow and give me something in the mid 290's. That's my comfort zone and find that generally means a more midweight arrow that gives me a quieter shot than a more extreme 3D set-up would but still a nice flat trajectory to reasonable hunting distances.