I'm pretty much in agreement with everything you've said, very well thought out.#2 Some of the Ashby stuff applies, but not all (Broadhead design, materials, sharpness, arrow components and flight, ect..apply.) I don't believe a 650gr (or any specific weight goal) is the standard for me anyway. A traditional bow is not the same as a modern compound. A 70# trad bow and a 70# modern compound will not have the same efficiency. The materials and stored energy launching that arrow are different.
#3 KE and Momentum are only a data point. KE and Momentum are just math equations, and outside of context can be useless. For example, mathematically I can make a 440gr arrow at 280fps (76.62 KE) have the same KE as a 1 gr ping pong ball traveling at 5864fps (76.36 KE), because KE is simply math and you can manipulate the variables to equal whatever KE desired. So KE and momentum can inform arrow discussion, but for me, is not the end of the discussion. If choosing between them, I prefer momentum as a compass...
I will say though, there seems to be some contradictions between these two points. I agree that a compound and a trad are apples and oranges. You're right and you reference stored energy (PE), which becomes KE once the bow goes off. So clearly KE isn't just a data point as you agree it is the difference between a trad and modern compound. Also, KE isn't just simply math.. it's a key properties of the arrow. The only levers you have to pull to increase KE is changing the archers specs (draw length, draw weight and bow IBO). Which isn't really practical for most who've already worked their way up to a reasonable draw weight. So it's not just playing with numbers - it's physics.
The reason I like KE as a indicator (not as the only factor) is because it is relatively constant with a setup. Once you've got a bow, setup at your desired weight and range KE is fairly static. It does increase marginally with arrow weight though. So If someone tells me their specs and bow - I know their KE and that setups ability to do work. A higher KE setup will have a higher ability to generate momentum. If you know someone's desired ranges and target species, then you can make an accurate grain weight recommendation to arrive at a good momentum value.
I went deep down this rabbit hole and have an engineering background (albeit a lowly one). The vast, vast majority of online calculators portray KE completely wrong and give BS speeds. There is no peak in KE with an arrow weight and it always increases with mass (slightly less incrementally). After all this research and testing, I ended up being able to create an accurate speed, KE and M calculator completely based around KE. How KE increases based on IBO, draw length and weight and how it increases based on arrow weight. KE really is the foundation of a setup.