Indy, I've never seen it used on vanes... but that doesn't mean it won't work... I just haven't ever tried :D Let us know if you try it.
Used this stuff for the first time yesterday. Wow... it really works great... except trying to get the plastic off. My son had to figure that out. Yeah, he read the instructions. It's much neater than glue and faster with my AZ- EZ.
I have used it a lot with great success with feathers. If you use it with vanes be sure to still put a drop of glue at each end of the vane. Even then I have mixed results with the vanes staying on. I just use Loc-Tite Ultra Control Gel super glue now for vanes. I can fletch an arrow in about 3 minutes using that with my Az mini Ez-Fletch.
LOL yeah it can be tricky. I learned to use my pocket knife to peel the backing off once I stuck it to the feathers.