You could always create a skeleton for the arrow with about 4 joints and then use the select -hi mel command to bend it just like you would a finger in a hand. Then bind the arrow skin to it. You can also use the root joint to move it to desired psotions for your animation. I used this technique when I created a bow and arrow and animated the bow flexing to shoot the arrow and the arow flexing upon being shot and then straightiening out as it moved forward.
Mess around with it. There may be a better way. Like you I could not find a good method so I made up my own.