I have a pitcher at AAA that I would like to call up for the stretch run.  He is a 4 year player and has never been on the 40-man roster.  If I call him up now:
 
1)  Does he lose an option year?
2)  How does this effect his eligibility for arbitration?
3)  Rookie of the year eligibility for next year?

I am 14 games under .500 but my division is a pillow fight and I am only 2 games out right now!  Any advice as to whether I should call him up this for the stretch run?

Hardball Dynasty – Fantasy Baseball Sim Games - Player Profile: Quilvio Valdez

You burn an option any time your on the 40 and in the minors. 
He would burn an option.
He will have 3 arbs no matter what you do now.
No idea.

50 innings pitched is the max before he loses ROY eligibility. 150 at bats for position players.

He will not use an option. Options relate to 40-man roster players who are assigned to the minors. Once he is promoted and placed on the 40-man, he will only use an option if placed back in the minors and allowed to play on optional assignment for more than 20 days.

As for his Arab clock, this will not affect how quickly he gets there...if you put him back in AAA to begin next season and keep him there for 26 games (or whatever the number is) before bringing him up, the arb clock will not begin until the following season. But if you leave him in the bigs fom the start of the season he will accrue a year of service and have only two left before arbitration begins.

Correct about the option.  I was assumig he'd be sending him down after the season ended. 

Mike is right. Basically, if you call him up and then send him down to begin next season you either sacrifice an option or a year of service: keep him in the minors for the 26 days (or whatever) necessry to game his arb clock and he burns an option; promote him before he spends 20 days in the minors and he burns a year of service. But if this is someone you plan on keeping in the majors after the end of this season then neither situation is relevant. Keep his innings pitched under 50 and he still has rookie eligibility.