For a hunting arrow carrying a fixed-blade broadhead, you'll probably want to be in the middle of the road with a 2- or 3-inch vane. That should give you the steering you need for that broadhead, without robbing you of speed you might need for a 40- or 50-yard shot.
What arrow vanes should I use?
If you shoot short, thin arrows - then a very small thin vane would work best. If you're shooting long distances, you might want to pick a smaller sized vane to help speed up your shot. If you want your vanes to help correct the arrows flight then pick a larger one.
Does Fletching really matter?
It doesn't much matter how you get it. You could use seven two-inch vanes fletched straight or two five-inch vanes fletched helically. As long as the two fletch jobs produce the same amount of drag, they'll shoot pretty much identically.