If price were no object, the Bonanza is by far the better airplane for doing everything in. I did my single Commercial in an Arrow and hated flying that airplane. The Arrow just felt sloppy, was hard to land smooth with forward CG and generally sucked in the Piper way of sucking. Like the feeling that whoever designed the airplane didn't think of making it pleasing to fly, they just kind of added this and that so finally you ended up with an airplane that flew like an overloaded Geo Metro. Yes I am biased against Pipers, I do have 300 plus hours in a variety of models so its an experienced bias. Malibus do make incredible gliders though.
This last summer I got to fly an A36 doing 135 charter. That airplane on the other hand seems to be designed to make the pilot feel like they're actually flying versus herding recycled beverage cans around the sky. Air work in the A36 is simple because the airplane stays where you put it or keeps going where you want it to go. The major thing I hated about the Arrow is you have to do so much freaking work in a steep turn, the Bonanza gets locked in and then you just have to make very small corrections all the way around.
The airplane that I flew charter in had the tip tank conversion which made it extremely nice because they allowed a gross weight increase of 180lbs as long as it was fuel, so you could still put 3 big guys in the plane and fly for 2 hours.
I'd stick with the Arrow though cause your $$$ savings will translate into more hours that way. It always cracked me up when my friends would get all excited about training in 172s because they were "bigger" than 150s, but they failed to realize that its all single engine low performance time anyway.