So I decided to test the accuracy and range(sorta) of the arrows to see how much of a difference we're talking. I say sorta on the range because I only tested up to 100 blocks away. I rarely shoot things that far away as it is, but 100 seemed like a good number. I also tested at 50 blocks which is much more my speed in terms of range.
Anyway, my test setup looked like this:
This is the view from 100 blocks away and you can probably see why it's not very practical to try and shoot something from this far. That crossbar at the very top is what I would use to line my shots up with and looked like this:
I would also move as far up and to the right of my platform as I could to make sure I was standing in the same spot each time so my platform I was shooting from looked like this:
and when I lined up my shot, it would look like this:
I then proceeded to fire 10 arrows that were paper/paper/feather followed by 10 arrows of cactus/slime/feather and the results looked like this from the front:
and like this from the side:
as you can see, the extra range from the lighter arrows, was negligible when compared to the paper arrows and can easily be corrected. In addition, the paper arrows appear to be in a tighter grouping, but not by much, and given the fact I only tested 10 arrows, I'll just chalk that up to standard deviation, and not really take it into account.
I did however wonder if there was indeed a correlation of heavier arrows giving a tighter shot, and decided to test maly/maly/slime arrows. However, they didn't even come close to hitting the target from 100 blocks away. This led me to the realization that the lighter the arrow, indeed, the further it must be able to fly, since no amount of arch would let me hit the ship, and after increasing the arch didn't change the area they landed in by much, so there must be a drop off point for all arrows based on weight. Again, since I don't see myself ever even shooting things at 100 blocks away other than those moments we all have where we say "I wonder if I can hit that from here" and the drop off point is further than 100 blcoks with paper arrows, then the lighter arrows don't play a factor in my book.
now, I still wanted to test the maly/maly/slime arrows, and I also thought it would be a good idea to test the other arrows at a closer range to see what the results are like since that's where I feel most people probably shoot from. So I tested from 50 blocks. From 50 blocks I tested the heavy maly arrows first, and aimed at the cross bar at the top just to get them to hit the sail and to see if they would land any tighter. That looked like this from the front:
Not too shabby. The spread from left to right is much tighter, but the spread up and down is about the same. However, this was much closer, so let's see what the paper and cactus/slime arrows looked like.
For this test, I lined my crosshairs up with the top of the sail from 50 blocks away and that looked like this:
I then shot 10 of each arrow (I also left the 10 arrows from the maly test fire there, but ignore those ones which are the ones with green fletchings) and they looked like this from the front:
and this from the side:
I didn't bother to circle which were which on this one since they all landed in pretty much the same area. I think this definitively proves that there really is no reason to go for anything other than paper/paper/feather for your arrows since that gives the most modifiers while still having an arrow that can fly pretty damn far with pretty damn good accuracy.
Anyway, hope this helps!
tldr;
the accuracy and (required) range of cactus/slime/feather arrows compared to paper/paper/feather arrows is so comparable and easily adjusted for, that there is no reason not to grab the additional modifiers from paper/paper and these should be your go to arrows.