Is my effect remover, a1blaster personally uses it himself rather than his own.
As for it does, it completly wipes the 3DEffect.ini file and if the user has selected options to keep some effects enabled then it rewrites those effects back into to the file.
As for arrows, thats run from 3DSimpleObj.ini, and if the user doesnt opt to keep them active after removal it only changes a value of the file to remove arrows.
CO can run without these files but running without 3DSimpleObj.ini isint recommended, as it will completly remove all NPCs and all other bits n bobs which are used mostly.
Hope this explains a little.