I think someone makes trackable arrows already. Hence being illegal in my state to use....
Which is one of the dumbest laws I've ever seen used. This would help find wounded deer...instead of letting coyotes have the remains after days of suffering.
They do sell a ink tracking device you put on your arrows, I think it leaks glow in the dark fluid...I just wouldn't want the ink in my deer meat.
"Let a young buck go, so he can grow."