Alright, I generally try to refrain from doing this, but I'm putting my engineering hat on here for a little physics lesson...

Specifically what you are talking about is akin to a 'crumple zone' on a vehicle. When an arrow impacts an animal, it needs 100% of it's mass to be rigid (hence better penetration from stiffer arrows), to maintain momentum through the impact.

On a relative basis, if you increased the weight of your arrow with a fixed weight, you would get significantly better penetration than what you would see from a 'slip hammer' device. When a 'slip hammer' arrow impacts, only the weight of the arrow body, call it the shell, is involved in the initial exchange of momentum. This means you are robbing yourself of your initial potential 'punching power' by reducing the momentum of the shell (some of the weight, i.e. momentum, is found on the hammer, some on the shell). Then as the arrow body slows, the hammer slides forward, and creates a secondary impact.

What this means: you have a momentum differential between that of the arrow body and the hammer. This spreads the 'impulse', the time over which momentum is transferred, which degrades the efficiency of the transfer.

So 100% no, you will NOT get better penetration from a slip hammered arrow as you would from an equivalently weighted arrow with a strong FOC balance.