I used the ARC mic to record some acoustic guitar. It captures a slightly different sound than my Rode, but aside from that, it's a mic and therefore can be used for recording.
Ultimately, what it comes down to, is your ability to use EQ and whatever other things you work with to get a good tone out of the speakers.
One thing I have noticed over the years here in the cake forums is that we have people here using all sorts of mic from the very nice, and costly ribbons and high end condenser mics to the bargain bin el-cheapo "this is all I can afford" mics that are routinely priced under $100. Heck, I recall someone several years back bragging on a $59 condenser they had bought and recorded with, and yeah, the mic did a fine job.
So, if you want to use the ARC mic, my thoughts are, have a go at it. You certainly won't hurt it. Additionally, with time, and experimenting, you may find that it actually does a fine job on certain instruments where a more expensive mic won't.