I would recommend sticking with a standard diameter (.244-.246"/6.5mm) shaft for simpler and cheaper insert options that are also generally more durable and more available. IMO the supposed decreased wind drift and increased penetration of a smaller diameter shaft are negligible in practice.
But if you're dead set on a small (.204"/5mm) or micro (.166"/4mm) shaft, a hidden insert (HIT) with collar is the best insert option. A .166" HIT has Deep Six (6-40) threads, which severely limits your broadhead choices. A .204" HIT has standard (8-32) threads. I don't see any real advantage to using a steel Iron Will HIT over an aluminum or brass Easton HIT. Steel is a stronger material, but the strength of the system comes more from the carbon shaft surrounding the HIT than from the HIT itself. I do think a collar is a good idea on a small or micro shaft.
300 or 340-350 spine will likely work best depending on how much weight you want to put on the front and how long you want to cut the shaft. Below is qSpine output for a hypothetical 27.5" carbon-to-carbon Easton Axis 5mm with 175 gr total on the front (head + insert + collar) and 30 gr on the back. 450-550 gr total arrow weight is a good range for deer and elk.
Bow inputs: 342 fps IBO, 27.5" DL, 27" ATA, 6" BH, 85% LO
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