Arbitrage is not practical anymore unless you have a lot of Bitcoins deposited in many exchanges.
Still it cannot help for continuously availing arbitrage profits as we need to move funds back to the starting point so that we can continue until prices across exchanges converge.
If you really want to do arbitrage as a strategy it would be better to have a partner from the other exchange and you split the profit.
This idea is good but we need to believe on the partner to keep his words all the times and with this idea too we cannot continue arbitrage as long as prices trades in gap. After some particular point, we need to move funds. But both of your ideas guarantee making use of price gap at least for one time.