Actually, a lighter arrow with more speed will result in LESS kinetic energy than a heavier / slower setup (assuming same bow, same draw weight, same everything else). BUT, I don't believe that Kinetic energy is necessarily the most determining factor in penetration. It helps, but isn't everything.
If you've gotten passthru's out of the Steelheads before, then it could have been an arrow flight problem or the deer moved at the shot causing the arrow to wobble as it was trying to go thru. Poor arrow flight is one of the main culprits in poor penetration. Be sure you are perfectly tuned and either arrow/speed setup will give you more than enough penetration.
I've always been a heavy/slow kind of guy, but will be hunting with 395gr PSE Carbon Force arrows at 260fps this year (yes, this is light and fast for ME! :grin: ). I'm shooting a new Martin Cougar Mag at 60lbs / 28" draw. Hopefully they will perform at least as well as the 514gr 2413's I've been using for years. Just getting sick of the rainbow trajectory!
Good luck ... Crayfish