My understanding is that the ARC mic is calibrated to the software so that the measurements are as close to accurate as possible. The intended purpose is to accurately assess the room and it's characteristics for accurate mixing.
I guess a similar comparison would be the difference between using home stereo speakers, no matter how good they are for home stereo use, as mixing reference speakers. Due to the built in bias of those speakers, the mix would likely never be right or easy to get "right" using them.
Microphones are similar in that they have less than flat response curves. So, I'm thinking that would not be a good option.... not impossible but a lot of reverse engineering on the software to get a simulated flat and accurate response for the purpose.
Some time back, I was kind of taken to task for suggesting that I could use the ARC mic to record my acoustic guitar since it's freq response was flat and not warm like some other mics. Kind of a shoe on the other foot thing.
So, no, I'd say it's probably cheaper to bust out the bucks for ARC and get it right the first time.
EDIT: however.... ask Dave...Bitflipper, I'll just bet he has a solution that might give you some sort of idea about the character of the room. I don't think it will give you the "corrected audio output" like ARC does, but if you know the room's deficiencies, you're in a better position to mix more accurately.