Fan-fiction time: The Arrow we see in Armada was the original, designed as a scout, with most of her power being designated for the engines. Somewhere along the way, someone noticed you could hang armor and more weapons on the basic design, and got one hell of a fighter for WC3. Sort of an F-16 style progression from lightweight single role to heavier multirole.
We do not actually have any information regarding whether the original Arrow was a recon/scout like we see in Armada, or a proper light fighter like we see in WC3, but keep in mind that the Arrow seems to be a very old design. It uses the designation F-27. There is a general consensus that designations are more or less chronological, so this would make the Arrow older than the F-36 Hornet.
When we introduced the Arrow into the WC2 era in Standoff, we went with the assumption that we're seeing a prototype of the Armada Arrow, although still using WC2-style durasteel armour. So, our Arrow had the top speed of the Armada Arrow, but its armour was in line with WC2, comparable to the Epee (the most lightly armoured fighter we know of in Confed's arsenal). It was basically a lighter, faster Ferret, although with slightly improved shields. It worked out really great... but probably would be a terrible ship to fly in the WC2 engine, because the speed would feel very excessive for sprite-based collisions.
For this reason, I would definitely recommend going with an earlier variant of the WC3 Arrow, which must have existed concurrently with the Armada Arrow. Never being one to miss out on the opportunity to propose ship stats, let me give it a try as well...
F-27H Arrow
Speed: 520 (like WC3)
AB Speed: 1400 (again, like W3)
Shield Recharge Rate: 3 (halfway between Epee and Ferret)
Acceleration Rate: 4 (equivalent of Epee )
Y/P/R: 8/9/9 (straight from WC3. Arguably, this could be slightly better to take into account the additional armour and shields the ship will put on in WC3, but then it would be near-identical to the Epee)
Shields (Fore/Aft): 10/10 (better than an Epee or Ferret, but not as good as a Rapier; also, better than the Standoff Arrow)
Armour (Fore/Aft/Flanks): 5/5/4 (better than the Epee, worse than Ferret, and better than the Standoff Arrow)
Missiles: 4 FF / 4 DF / 2 Chaff pods (no innovation here, just WC3 stats copied straight over; except that the decoys get converted into 2 chaff pods)
Guns: 2 Lasers / 2 Mass Drivers (like previously with the WC2 Hellcat adaptation, the ion gets replaced with mass drivers; I like the fact that this combination is identical to the Phantom, which is Armada's equivalent of a combat Arrow)
The end result is a light fighter that's overcome some of the Epee's problems and further refined the concept of a light combat fighter by giving it more firepower and speed, but ultimately is still weak enough that you really don't want to take too many hits. I'm sure Iceman would have called it the ultimate artist's ship
.