A 340 is a very stiff arrow -- (93#spine). Even full length, with roughly 200 grains up front, I think it will be too stiff for your bow. 400s would be better, and 500s may even work. Good idea to get an arrow test kit if you can.
There's no set rule for FOC. Folks who like to load up the front end will approach 30% FOC. A lot of folks shoot arrows in the 9-10 gpp range. There's also a good number of folks who shoot much heavier arrows -- 11-14 gpp or even more. Regardless, you're in a good weight range now and can go a little way one way or another if necessary.
There really is no need to go to an extremely short bow for tree stand hunting. Many folks hunt with 68-inch ASLs from tree stands. If you don't already have the bow, I suggest you try out a 48-inch Super Mag before buying. Finger pinch can become a serious problem with a very short bow. They're also more sensitive to vertical torquing and other grip issues. Most folks shoot longer bows more accurately than shorter bows. Not trying to discourage your choice. Just pointing out some of the characteristics of super short bows.
Good luck.