CO Redneck, I think that will work fine.  Afterall, that is how the english used to do it.  For sure it will shoot as well as it did before.  The ideas I talked about would just increase the FOC a bit, and only apply to making new arrows, but it will most likely not be noticable.

If it split 5.5 inches back, I think I would just plane it down from there, and then make your billet long enough to get it back to where it would match the rest of your arrows. Don't forget to allow for 1 inch for the taper on the end.  By the way..if you have a tru center taper tool..you can use the little round guides that come with it when checking the diameter of the shaft after you begin shaving down the billet.  If not, a caliper works well, and if not that...you can get it really close just by feel.

Awesome!  
The split was 5.5 inches from the end of the taper, so maybe I'll start planing them at about 6 - 6.5 inches. My arrows are cut at 28.5 then tapered. The guys at the local shop said to leave .5 an inch for the taper, should I leave more? have one of Bearpaw type taper tools.

Thanks for all the great info, you are a great help!
- Grant

No, you need to leave 1 inch for the point taper.  They were probably talking about the nock taper when they told you that.  I believe the nock taper is .5 inches, but every broadhead and field point needs 1 inch.  
There are a bunch of wiser old timers on this site that have been doing all of this for a long time.  Hopefully one of them will chime in.

Don't plane them at 6 to 6.5 inches.. Plane it for however long the slot in the billet is (4 iches or so ) and then leave the billet long enough to make up the difference.  Otherwise I fear you will not get the strength you need.  

In other words, start planing them about 3.3/4 inches above the break.  Then make sure the billet is long enough when it is attached to match the rest of your arrows.  And again...don't forget that there will be a 1 inch taper at the end!  Have a ball man!

Much thanks, Jon. Your instructions make it sound doable, and I will give it a try. And I especially like the hand-made aspect Huey, what is your You Tube flick link? Thanks all, Dave

Dave someone else made the video just go to you tube and search how I make arrows and you will see it.

http://www.youtube.com/watch?v=4Nve9CetSKg&feature=PlayList&p=4425942429BA6627&playnext=1&index=64

You Tube video on footed shafts