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I haven't used an arm in years. Works fine hanging straight down and doesn't get in the way.
If you're on Facebook look for Al Forbes. He makes/sells them.
It does, but when its cold and the hole is freezing shut it will freeze the cord right in. hence the float or a holder to keep it close but off the ice hole side tso it doesnt freeze in.
There is a fellow on Facebook that makes replacement arms for Humminbird ice 55’s and Marcum’s. The company name is MasterCraftFishing, not sure he makes them for your unit or not but it never hurts to ask. I have never purchased or dealt with him but it may be a possible option for you.
Never sat on one hole lond enought for that to happen. You fall asleep.