The one thing I never hear mentioned in this discussion (maybe it is assumed?) is that your bow is your bow. You don't really switch bows to get more KE or more momentum; well, switching to a faster bow would get you both, i.e. it's not like some bows are momentum bows and some bows are KE bows. They are what they are, striving to be as efficient as possible (and they are pretty dang efficient). So you have this bow, the next question is the weight of the arrows to put through it. The weight (mass) is what drives this KE vs momentum discussion.
I was playing around with The Archery Program last night. I kept the same bow, same arrow specs, and only modified one variable (arrow mass) and the program would output a calculated velocity. I varied arrow weight from 355 grains all the way up to 450 grains. Over that range, arrow weight increased 28.6%, speed decreased by 10.9%, KE increased by 0.7%, and momentum increased by 13.0%. So, because both KE and momentum increase with weight (even though KE by only a paltry amount) it makes sense to both KE and momentum believers to shoot the heaviest arrow you can stand to shoot, up to some limit I suppose (once you have enough you have enough). Really, since KE is almost relatively constant, the discussion should be SPEED vs momentum.