Yes, you'll do great. A Blessed Resilience build, combining 33 points in Holy with 17 in Discipline for Improved Mana Burn might do better than a deep Discipline build at your level. You don't have Mass Dispel, so cutting it to .5 cast time isn't an issue, and you don't have resilience, so Blessed Resilience performs nearly as well as Focused Will. Pain Suppression, etc. would be great, but you'd have to give up either Spell Warding or Divine Fury to get it, and without Binding Heal or Prayer of Mending you'll have to rely on Greater Heal much more than most arena priests.
If you're careful with your XP, you can scoop up some rather good quest blues from Hellfire Peninsula to use in that bracket. The trick is to do only the prerequisite quest chains, and to have friends who are not partied with you clear out all the mobs that you don't have to kill to finish the quests but stand in the way of completing it. The Illidari trinkets are particularly good.