So the question is whether a bullet can be designed to travel at the velocity of an arrow and achieve the same or better penetrating power? I would think not, and the reason is that with the arrow you would have significantly more mass behind the point of impact when you consider the arrowhead fletching and shaft. If you are asking if mere replacement of bullet shells for arrowheads on shafts would augment the penetrating power of the arrow, I would think not.