I considered a 200HP Arrow II and rented one for 7 hours before buying my M20C. I'd flown a C for COM/INST & CFI-I ratings in 77-78 & taught in a T-tailed Arrow IV in 79-80. I'd advise against a T-tailed Arrow due to poor pitch authority during take-off/landing but either a 200HP Arrow or a M20C (or E) would be a good choice. Test fly all of them & then decide which is the right choice for YOU.
The claim of 140 KTAS in cruise from a 180HP Arrow is wishful thinking. Referring to the graphs below a 200HP Arrow II is capable of 140 KTAS given the right conditions, but I wouldn't count on it most of the time. An Arrow cabin seems more spacious but with a front seat passenger, staggering the seats is necessary for comfort & I doubt if there's more than an inch difference in cabin width. It handles well, stall is docile power on/off, dirty/clean thanks to that Hersey Bar wing but the trade-off is a nauseating ride even in light turbulence. During the time I was actively looking, Arrow II asking prices were nearly always more than a M20C.
Mooney versus any Piper or Cessna single brings to mind the old saying "this is NOT your father's Oldsmobile". Push-Pull rods vs cables, laminar flow wing w/ flush rivets vs fat cambered wings, one continuous wing vs a left/right wing assembly & steel cage cabin for structural integrity, Johnson Bar low maintenance gear, a trim-able tail assembly & wide span flaps make a Mooney unique amongst the conventional bug-smashers out there. It has a good solid control response in routine flying & ride is far superior in turbulence to that of an Arrow. Stall is gentle with minor left wing drop w/ gear and flaps down, but the stall break while clean, with full throttle is abrupt accompanied by rapid left wing drop even with the ball perfectly centered.
I operate 65% @100* ROP with my longest cross country from North Carolina to northern Michigan broken down into 2 or 3 legs. I have no speed mods but am equipped with Power Flow exhaust and flight plan for 135 kts @ 5000, 140 kts @ 7500 and 144 kts @ 10,000 interpolating between. My C can best those figures by a few knots. Best actual TAS at 10500 was148 knots. I typically operate at 2200 pounds GW.
The 2 graphs are from the PA28R-200 POH @ 2650 lbs GW - TAS in MPH
The 2 tables are from the M20C POH @ 2200 lbs GW - TAS in MPH
Good luck with your search.