High velocity rounds have the characteristic of imparting hydrostatic shock, and transferring a greater proportion of their energy to a wet target as collateral damage, instead of just passing through it. Even a flat pointed bullet, at high velocities, sprays water and tissues sideways with greater energy at high velocity than it does at lower velocities.
A KE figure that is high will normally designate a round as being damaging. The same type of round with a momentum figure that is more in line with the KE will generally be a penetrating round. Until you complicate things by adding in bullet performance. The really old style military rifle rounds that fired such things as 180 grain round tipped FMJ did little damage, as their design didn't allow for much energy transfer. the round tips would drill through the person, leaving small wounds. (the mauser spitzer points changed that.) Switching that round tip ball load for a modern soft point made a cartridge that was far more effective at transferring KE, and also, coincidentally, more effective at damaging tissue and wounding.
What really matters, isn't KE or momentum, what matters is that you have an effective bullet and a velocity that is high enough for it to perform.
Strip a 9mm NATO round of it's ball projectile and add a top grade hollow point, and you will turn an inefficient round into a top grade killer.
One thing that you have not considered is a very important factor, sectional density. SD is basically the amount of weight contained within the area taken up by a bullet's base. in a 9mm load, you will get very little penetration with a 100 grain bullet at extreme velocity, as it lacks momentum, and the KE is used up displacing and damaging tissues in the early stages of penetration. A 158 grain .38 is a far denser bullet, and isn't usually loaded to the velocity levels KE is relevant. It will, however, penetrate deeply.
As I read this, it seems rather confusing and disjointed.
Essentially, forget the energy numbers. Choose by caliber, bullet weight, bullet construction, and velocity.
Are you looking for a deep wound? heavy bullets for that caliber, controlled expansion bullets, and moderate to high velocity.
Do you want lots of damage and minimal penetration or retained energy after ricochet? Light bullets for that caliber, frangible or extreme expansion hollow points, and the highest possible velocity.
http://www.youtube.com/watch?v=sYigC49tnh8&feature=player_embedded
A perfect way to see what the KE measure is all about is to view this video. The bullet is the same weight, for all practical purposes, as a .22 LR. Cranked up to almost 4,000 fps, The amount of energy transferred to the target by that frangible bullet is astonishing. even the hottest .22 LR hollow point will only shatter and break up an apple; this sort of load and KE levels liquefy them.