Just to update, I had 8 players up for Arb, and I offered around $100K - $200K less than asking, depending on what they were asking, I won 5 of them so I knocked off about $600K which I'm happy with since I try and squeeze out every penny I can with my budget.
Side note, I've never been in the position of going over player payroll, which happened after I arb'ed everyone, with the thought I was going to try and move some salary. Apparently you get a very short amount of time to clear salary and it stole $1M from 5 different budget categories. Kind of sucks you don't get a little buffer to clear salary to get under budget but now I know I guess!