So something I learned recently at a recent trad event is that you don't want to pad the whole area in one piece of velcro. I did the velcro thing too and just used one piece folded into an angle and rest it on the bow. You want to leave an gap at the corner of square point. This would allow for the fletching to have space to clear and is actually create a more consistent flight. It will also help the durability of your fletching. If you think about it, it make sense. An arrow is round, so its never going to make contact with the corner and with the padding/rest/strike plate, its going to move the arrow away from the bow even more. This is why most bow have different rest and strike plate. I find that its very true, my arrow fly a lot straighter especially when I shoot 3 fletching with cock feather facing out.
Shatterproof Archery give a really good explanation on how to setup a rest.