Well, the counter weight is related, but so is the moment arm of the counter weight, and the sling design. In order to maximize the range you really need to maximize the velocity, and optimize the angle when the projectile is launched. The hinge where the sling attaches has velocity proportional to the net moment produced by the counter weight. However a counter weight too far out also increases the rotational inertia of the system. To get a quick angular acceleration it is desirable to move the counter weight outwards as the sling increases in rotational velocity. The idea here is that by accelerating the projectice faster from the start, we will get more of an effect through a smaller time frame and thus small angle of rotation. While the work done is proportional to the initial potential energy of the system. The way in which it is release depends highly onthe design. Essentially you want to get the cross product of all the angular velocities to line up in a single direction which maximizes the range. However, by design the optimal launch angle of a simple projectile (45 deg) may yield a low launch speed on a trebuchet. Poor design could yield maximum launch velocity at 90 degrees - which would be very bad if you think about it a couple seconds later... Thus some more optimal angle must exist between the two. This be range is in no way linearly proprtional to the moment, while terms in the energy expression may be, the additional intertial terms caused by motion will also create an effect which is entirely based upon the design