This is generally a wonderful idea I've been hoping to see for a while. Now, onto the nitpicking.
The stat select thing seems mildly interesting, but I can't imagine mage range not being the meta. Also, it does not exactly emulate or prepare people for 1v1 fights. That said, the blog says nothing about the gear that will be used in the arena, so it's hard to get a clear idea.
It would be very nice to have some unique items (like vls, Statius Warhammer or something completely new), rather than just reskins for items used in PvP. That said, surge/wave sacks are pretty nice, the amulet and potion I'm not a fan off. The amulet feels frankly pretty weak, but even if it were strong it'd just be unfun if the meta was to bankstand 15 mins before going back pking. The potion is just busted imo - in almost all cases in the rev caves it offers a near free escape, both for pkers and for pvmers.
Now, the most important part - the ranking system. The blog doesn't mention ...