RE: the meat
From the facts given...I would definitely wait, too many things can go wrong by searching too soon. A friend of mine lost a super buck last fall...he thought he had made a "good hit" at 20 yards...but very little blood and did not see or hear him go down...he was excited and only waited 30 minutes, jumping him 100 yards away...after that we looked for 3 days and never found him. We've talked about that hunt many times since...he knows he should have given the buck more time.
As Lilhunter mentioned, black arrows are difficult to follow. Since I started dipping my Gold Tips and using white vanes & nocks, it is much easier to see my arrow and where it hits.
Good topic Whackmaster...
TB