Arn looked 40 when he was 20.
Arn looked 40 when he was 30.
Arn looked 40 when he was 40.
Arn looked 40 when he was 50.
Arn will look 40 when he's 60.
Arn would have never gone anywhere in today's scene, despite being a superlative promo guy and better than average worker. He isnt 6'4" 250, he was seemingly going bald from birth, and he dosen't have the TV look that Vince has conditioned his audience to accept as what a pro wrestler should look like.
The best comparison for Arn in this era would be Nick "Eugene" Dinsmore, or more obvious, CW Anderson.