I recommend you stick with Arches Hot Press 140. It can work well in inkjet printers, and I think you'll find trying to paint on an inkjet paper might be more problematic.
What I do to print on Arches is to, first, iron the deckle edges to flatten them, and otherwise clean them up a bit to avoid any head strikes. I also, frankly, find the backside of Arches to be a better printing surface. Among other things, it seems to have fewer "hairs" that can cast a (white) shadow.
I tape about a 2" by 5" piece of thin plain paper at the leading edge/side of the paper that the head's eye will see as the edge of the paper. The printers use that first edge to center the image. The deckle edge can mess up that process if you don't have that nice, straight edge of plain paper there instead of a deckle edge.
A leading edge of plain paper can also help if you find the Arches is not feeding straight. You might try just burnishing down the leading edge first and see if that is enough for your printer to feed the paper straight.
If you don't want the deckle edge, just trim the paper. Then you can do away with the plain paper tricks, above.
If you want a reasonable dmax, it takes 2 MK positions. The total MK ink load will be about 125. For the dilute inks, keep their ink loads very low for the best image. Obviously, being able to profile yourself with QuadToneRip or other rip is very helpful if no necessary. I use a black and white inkset, as B&W is my medium. I'm not sure any OEM color inkset can do a good job on Arches.
I am a fan of Arches, and am looking at 2 full sheet prints in my office now that have deep black skies. Floating under Museum glass, these displays are, in my view, about the best B&W medium there is. With no coating to crack or deteriorate, I think they'll look better, longer than any inkjet paper print.
My watercolor printing was, in part, developed for watercolorists, including a Guggenheim winning one. I might add that the great disappointment for the latter artist was that she wanted to smear the carbon pigments with water, and they don't smear hardly at all with a wet brush. That led to my matte B&W inksets with no binder in the dilution base. It's not needed. No binder means much less chance of clogging. My ink costs for the matte B&W inkset are close to 1% of Epson's OEM small cart prices.
Paul
www.PaulRoark.com