Heirloom items can only be purchased with Emblems of Heroism and Stone Keepers Shards so those are based on how many HC's you run and how much you PVP.
As far as lvling spec Arms is a good way to go all the way to 80 imo. Could also go prot at 40, 50 or 60 - peoples opinion on this varies though. Fury is still a contender I guess till 80 where the 10% damage nerf to TG makes it relatively worthless and put it in a similar to where it had a 10% hit penalty. Another bonus to Arms is that you spend most of your time in Battle Stance which now provides Arm.Pen., this coupled with the fact everyone now receives 25% more benefit from it, it is pretty good to be Arms right now.
As for actual talent point distribution I'll leave that to someone else, but if you have no idea go with a CC build.
Edited, Apr 28th 2009 12:11pm by Zyven