The Turbo Arrow IV generally seems to judged a retrograde step for reasons already listed as well as because of lack of elevator authority at low speed/high angle of alpha; Piper subsequently went back to the ordinary tail. As to whether realistically you'll ever want to fly airways with an oxygen cylinder, at 130 kts, is the factor that will sway your opinion on the turbo Arrow.
The Arrow III a lovely machine if properly looked after (Bought mine at the beginning of the month); the main difference between this and the Arrow II with the hersey bar wing is the angle of glide. Also, perhaps because of the age of the II, I couldn't find a decent one and I looked at most on the market. What you don't want is to be the winner in a financial game of "pass the parcel" where the winner cops a large bill for deferred maintenance issues.
Regardless of what the book says, I reckon you'd be doing well to get more than 130 kts IAS in the cruise at 24ins 2400 rpm, which is only 15kts more than my old Archer II and 25 kts more than my even older Cherokee 140, so you pays your money and takes your choice.
Lovely to fly, though!