I've been thinking about deer hunting a lot as I've been working on a airgun designed for that purpose. I really like to get the cleanest kill possible, which usually means I get as close to my prey and take as open a shot as I can. The last deer I shot was with a 30-30 at about 10 paces. I could have shot him 50 yards away, but he kept coming closer and closer.

When shot, he ran straight toward me (I nearly wet my pants lol) and fell about 50 yards away. The bullet (Remington Core lockt) didnt expand, passing right through him like a needle through a cloth. Upon field dressing, you could tell almost none of the kinetic energy was passed to the surrouding tissue.
I guess what I'm getting at is if penetration and a subsequent blood channel is what will kill the deer, as opposed to blowing up the lungs with a huge energy transfer, a arrow would probably be better than a round ball for a clean kill. I'm thinking the arrow will be more accurate than a roundball, and possibly give me a longer effective range. A full sized carbon arrow tipped with a 100 grain expanding blade broadhead would weigh less than the roundball, which means with a good seal behind it could be traveling at 450+ fps.
Of course, I'll have to talk to my local conservation agent about the legality of such a setup. A couple of years ago, I spoke with one about the very thing and he seemed pretty excited about the concept, so I'm hoping for a good response.
What do you all think would be more effective, a roundball or arrow and why?