Old thread, but my tuppence-worth observation from a few years ago : when I shot with some new blue-dyed fletchings - after a while I noticed two dye witness-marks on the bow stave. When I lifted my (c. 3/8" above square) nocked arrow so that the shaft was equi-distant between the two witness marks, the arrow sat at 90° to the string. So....... I thought "aha! The pointy end of the arrow lifts on release and is perpendicular to the string as the arrow leaves and the fletchings pass the bow".
That 3/8" was a tad too high, and so I now position my nocking points so that - with the nocked-arrow at 90° to the string- the tip of my fletchings are level with, or perhaps 1mm clear of my bow hand knuckle. I don't use a glove and I
never feel the arrow brush my hand
ever. There will be an upper limit to how high that knock-point can be though - and it will be different for various arrow weight and bow-poundage/draw-length combinations - if it is placed
too high then the arrow may not be able to lift sufficiently before it leaves the string, resulting in it being point-low on-release and perhaps a noticeable degree of 'porpoising' as it travels down-range.
In case I do cock something up though (perhaps by mis-nocking the arrow below my lower tied nocking thread?), I also put a small glob of PVA wood glue on the leading edge of all my fletchings. (It will clarify and shrink down as it dries so don't worry about it appearing to be 'too much'). That serves to smooth that leading edge and prevent any prospect of the fletching slicing into your hand. If you need to replace any of those fletchings then moisten the PVA glob (it will become misty again) and be soft enough to easily remove from the arrow shaft.
I use flo-green indexed arrow nocks &
hot-melt glue to attach them (currently £2 for 32x sticks @Poundland in the UK, in case that link ever fails).
I also drill a 0.5mm hole between the pins into the nock-taper (using a precision 'Dremmel'-type tool) to allow air & glue to escape so that there is no pressurised air bubble under the nock throat and max wood-to-nock contact is made). If you smack one with a subsequent arrow, then they just shatter and ping off. When you come to replace those, if any bits are left adhering, then just stick the broken nock in a steaming kettle spout to soften the glue and pull them off.
The glues on many commercially made arrows (or if you use Cyano-Acrylate Ester 'superglues') bond the nock to the wood, and if you hit those, then you are likely to split the arrow as well.