I'm nor Arthur,
but had my son use a similar setup years ago. It was a hoyt raider set at 40# he used 1816 easton aluminum shaftes with a 125 grn fixed blade BH. He took a 6point bull with it at 15 yds. The arrow sunk up to the fletchings just over the heart, the bull went 60 yds and went down. So yes a similar setup would be very effective for deer or elk. I believe his setup would be good to 30yds. But like Arthur mentioned before, if I had to do it again I would go to cut on impact heads such as the Magnus stinger, although he had no trouble with the fixed blades, it's that the others penetrate because of less resistance and no chisel tip to break through tough skin.
Click here to check out his bull. elknut1
http://www.elknut.com/files/Paul_7.JPG