Barczar,
I took at look at the ARC2. I think it is primarily for mids and highs. I say this because they claim it corrects not just for mixing position but the entire room. This is not really possible for low freqs unless you have some device or means to sense your listening position in the room.
THe fact that the ARC2 uses multiple position measurements in its correction algo is pretty slick. But still for lows, correction is not possible for the entire room at once.
I do not recommend the old analog graphic EQ's to fix a room especially for mixing. THe phase issues inherent in the bandpass filters is usually worse than the problems with the room. Digital filters like in the ARC2 can eliminate these filter phase issues.
I would say try it and let your ears be the judge. It could certainly help with highs and mids.
I am interested in how works for you. Maybe you could keep us posted after you give it a spin .