I'll give you my opinion.
First and foremost, purchasing weapons via arena points is VERY pricey as far as your points go. I think the cost of a weapon (A 2-hander that is) will net you the cost of 1-2 additional pieces of armor that you could have purchased, and for a fresh 70, in greens and low end blues, that hurts pretty bad.
Of course, it may very well be worth it, as I'm sure you know, weapons make a HUGE difference for a warrior. You will have to prioritze what you think will benefit you the most up front.
For starters if you are going to be purchasing S3 armor *before* your weapon, I would highly recommend grinding some BG's and grab the S1 sword. That will at least hold you over for sometime until you can gather enough points for your S3 weapon.
If thats still not your thing, (if you are a blacksmith) you could craft one of the epic two handers that weaponsmiths can make - in this case the Lionheart Blade. Since you have your Holy Paladin buddy, you can probably grind the primals out for this weapon pretty fast, toss in a couple hundred gold for Primal nethers and you already have your second tier Lionheart Champion which will hold well until you can afford the S3 sword.
Of course, this is assuming you feel you MUST have a sword. You could always go Axes/Polearms (not highly recommended) or Maces (Recommended), and you may find those more visually pleasing.
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Also, I'm level 64 now, and leveling as Fury, my Pally friend has been leveling as Holy since level 10. Is it a good idea to respec Arms now and get a 2 hander to get used to playing as Arms?
It may have some benefit to it, however, Arms PvE, and Arms PvP can vary greatly in playstyle. When you are PvEing as arms, you are certainly not casting hamstrings, but you are slamming. As Arms PvP, its alot harder to get those slams in, and you are always spamming away hamstring.
So I want to say yes, just to get the general feel of the spec and play with the talents, but at the same time no. If PvP is your ultimate destination, theres only one way to get used to Arms PvP --> Spec Arms and go PvP. Beating on a "Marshfang ripper" with a two-hander wont prepare you to deal with that rogue that is frantically trying to get behind you and stab your spine out =)
Hope that helped