It does not seem pratical, arrows get very beat up when hunting, and more often than not, fall out or are broken off.
There is alot of energy in an arrow, and I just cant see the electronics surviving impact with bone, or a "through and through" into rocks.
Then there is the consideration of the arrows weight and balance, very important if you want to hit your target.
I have used dog tracking set ups and they work good , but the transmitter was large, about 6oz. They were around 200mhz and about 10 miles line of site, but much less in hilly and rocky terrain( 1-2 miles).
sam