The Essential Fletcher
This page contains the text of a book that can be found in game and is IC knowledge.
Arrows....the secret to a good batch of arrows is the use of a straight grained wood. This is best achieved by working your branches into short sections like staves, then splitting that section lengthwise along the grain to get your rough shafts which you then work into their final shape.
Arrowheads of varying quality can enhance the damgage that your arrows deliver. I have found almost no advantage to hunting out exotic materials for the actual fletching.
The Avlissian Poplar is an excellent wood for your more mundane entry level type arrows, but eventually you will need higher quality straight grained woods. The higher quality arrows will require more exotic woods, this usually equates to stronger woods.