You can... the shaft will be big enough at (.245" OD) for regular blazer if you'd like also. Just have to make sure you obtain a solid contact between the shaft and vane before adding glue. You may not be able to have as much of a 'offset' compared to a larger OD shaft.
I joking call it the "Dan Evens" set up & seams to work great! I may end up fletching in the same configuration (4 Blazer X2 vanes) on the Easton Injexion arrows. Really fletching is a balance of how much control (= drag) you are trying to obtain with a arrow. Having a 4th vane with give you extra rotational stability. As a rule of thumb try to have the total surface area of the vane greater than the broadhead. I like the Blazer X2 vanes because they are not as tall (height of .47") compared to regular blazers (height of .568") giving you less issues with rest clearance.
So are you shooting a four fletch now with standard blazers?
I have arrows that I already shoot with a 3 blazer setup that fly great with no clearance issues. Ive always wanted to shoot small diameter arrows, but with all the research I was doing, everyone seemed to believe that a 4 fletch was the only way to go with SD shafts.
I have in the past, and also with the Blazer X2 vanes used a four fletched configuration.
Last year my mule deer setup was just three standard blazers with a G5 T3 broadhead on a Victory VAP arrow. I remember from some of my testing last summer; past 80 yards using regular Blazer vanes in four fletch, I would start to see a slightly gradual drop ( average 3-4+ inches lower) in my arrow grouping compared to the three blazer vane arrows.
I know a lot of this has to do with the speed, weight of the arrow, and how fast that arrow is rotating. Come to think of it... Ha, I'm not sure if it's a fair comparison because the two arrows were fletched using different jigs = not the same helical or offset.
Really I guess what all this means is... find what works best for you. I have fun testing out different arrow vane setups. My degree is in aerospace aerodynamics from Embree Riddle. Seriously though, not that the piece of paper they gave me means anything hanging on my wall. It's just something I enjoy studding.
I do think the blazer X2 vanes are quieter in-flight. A lot of it comes down to what type of broadhead you're trying to control.