Build an arrow that flies at around 280 FPS (give or take 10 fps), around 10-18% FOC (not a big factor realistically), top it with a sharp durable 3 or 4 blade fixed head and tune it. This setup will be in the top 5% of arrow builds. The next 5% is mainly gained in quality of broadhead and components.
What about traditional archers? I'm guessing they are rarely hitting 280 fps with a stick bow. This level of performance sounds like overkill unless a guy is planning on shooting longer ranges.
The OP didn't specifically state whether he wa hunting deer or elk, and I'm not sure the set up changes significantly anyways.
I've never shot an elk with archery equipment. However, I've killed dozens of large Iowa whitetails with far less arrow performance than this.
My original setup was a late 90's Browning compound bow with solid limbs shooting around 200 fps with aluminum arrows and thunderhead 100s. I killed at least 20 deer with that set up from the ground and treestands without issues.
I stepped up to a Hoyt Ultrasport with ZR100 split limbs, whisker biscuit, and HHA single pin pendulum sight in the mid-2000s. This was a middle of the road bow for Hoyt and shoots around 225-230 fps @60 lb draw weight. I shot several different 100 and 125 grain fixed and mechanical broadheads to kill whitetails- thunderheads, muzzys, spitfires, rage-2, and slick trick to name a few. I went down the broadhead rabbit hole every year thinking I needed the latest and greatest. For arrows I used full length cabelas stalker extreme 65/80 340 grain carbon arrows. I would buy the arrows bare and apply those NAP quick fletch wraps with the built-in Hellfire vanes. These had tabs on them to spin the arrows in flight. This set up worked very well for me over the years and with practice I could easily shoot clover leafs out to 30 or a little farther. However, once I got it dialed in, I would shoot invidivual targets on my Block to prevent clipping off vanes or knocks.
I reviewed penetration tests from sevral sources prior to purchasing each broadhead. Then I bought and tested them by grains to see which ones flew closest to my matching field points. What I found was that most mechanicals required very little if any changes to rest or sights. Muzzy 3 and 4 blade flew and killed well but always required adjustments from field points to broadheads. The same for the thunderheads. The only fixed blade head that flew so close to field points that I didn't have to make adjustments was the Slick Trick Viper Trick 100. This is a sleek 4 blade head that penetrates extremely well and has been my go-to for at least 10 years. They kill extremely well and edge retention on the blades has been excellent.
High speed bows can be good given the archer practices frequently and knows his equipment. However, in my opinion, FPS is most often used as a marketing ploy to sell people a new bow ever year or every couple years. Unless a guy is shooting animals at long distance, which is a whole other can of worms, you don't need to spend $800-$2,000 on a bare bow to kill deer and elk.
My $.02 and YMMV.
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