Estellios = smart.

I haven't tested the effects of different kinds of arrows. But I do know some folks who leveled all the way through 50 just by using level 1 arrows. Of course, this was before the changes to the battle system. Because battle is more difficult now, I wouldn't suggest doing that. Still, I doubt you need to always have the best arrows equipped. Just buy the best you can afford and are available at the moment, and you should probably be fine.

I usually equip accuracy rings on all my melee jobs. Being super strong is nice, but it doesn't really do much good if you can't hit the mob.

But you should definitely feel free to play around with it and see what you like best.