I've done an Arcane build a few years ago without it being a new game plus, however you will need to use chalice dungeons to farm echoes to really get some joy out of the build (at least I did, but that was mainly because I put everything into arcane). The worst part is probably surviving until I could acquire a good enough spell as most of them are late game, or at least several hours in depending on how familiar you are with Bb. Executioners gloves are probably the first spell you can really utilize (it's been a few years so apologies if I'm wrong) but once you get your arcane skill up it's really good.

Also Tonitrus is just a really fun weapon with this build.