I believe it to be awaste of time also, if you only have one hunting arrow.
How canblade/vane alignment be correct for all shaft lengths andall vane offsetsetc?
There would have to be an exact position for every set-up with shaft rotationbeing examined wouldn't there?
Ireckon ifeveryone on this site aligned blades with vanes andshot through paperthen watched a slow motionvideo with 100 frames per second or so (don't quote me, I don't know a thing about photography but you get the point) the chances of everyones vanes passing through the same slit cut by the blade (cutting the same path)would bepretty slim.
I can seehoweverthat people would align them for the purpose of having all broadheads aligned consistantly the same way on all shafts-be it inline with vanes or not.

Who knows, but that's how I see it anyway.