The basis of all fletching comes from Fletching Guide by Aoenla, which is old, but still valid today.
Arrows can be for pulling, which needs maximum range and nothing else, or for damage. For non-rangers (and rangers without Endless Quiver) arrows also need to be cheap. The cheapest 150 range arrows (1 damage, non-magical) are Class 2 Wood point arrows (field, wooden, parabolic, small; trivial 56); these will be good for pulling, especially when you need to do no damage. The highest damage magical arrows made from vendor components are 8/100, Class 6 Steel Silver Tip Arrows (silver tip, steel, ceramic, small; trivial 202). And the highest damage 150 range arrows are Class 2 Steel Silver Tip Arrows (6/150 magic; silver, steel, parabolic, small; trivial 202).
Now for ranger arrows. These are expensive to make, so you need to have endless quiver. The damage arrows above are a good start, but there are two stand-out arrows: Mithril Champion Arrows (11/150 plus 3 fire damage); and Class 7 Drakebone Drakespine Arrows (13/125). Blessed Champion Arrows have higher damage by a very minor amount (+4 fire instead of +3), but require Tunare deity. The alternative to Champion arrows are the Guardian arrows – exactly the same, but cold instead of fire, and deity Karana. If anyone is skilling up fletching by making these arrows, they will have a lot left over, so it’s just fine to use them for pulling or damage, or just selling in the Bazaar.
Update: it seems that the current best is CLASS 8 Steel Braxihorn Arrow (17/125).