Well to start, 40 yards is a good distance, in fact that is all the farther I have practiced on a regular basis so good job there! As far as your wisker biskit. It is a great self containment rest that is very easy to set up and tune.....no need to change that in my opinon, maybe someday get a good drop away when you upgrade or want to. The hay bales will probably not work with this bow as far as a target goes. A compound generally produces more kenetic energy that will drive that arrow deep into the bale and possibly completely through it.....I would recomend getting a layered field point/BH taget simmilar to this http://www.basspro.com/webapp/wcs/st...SELL_THUMBNAIL
this is the exact target that I shoot and I love it! Broadheads are just your own opinion there are a LOT of good heads out there both mechanical and fixed blades. The ones that I have shot and liked are Rage 2 blade Mechanical, Slick Trick and Muzzy Fixed Blades. I hope this helps ya out! Good luck and happy hunting!