I don't think it will make any difference. The problem at Arsenal stems higher than Arsene. Board level not supporting, they're running as a business, balance sheets etc. His backroom team are on the cheap compared to most other top 10 teams.
I'd even say they are overachieving when looked at on paper alone, I'd put at least 9 teams above Arsenal on paper.
I understand what you're saying but I don't see how things could get any worse, he's got to go at some point so why not just get it over and done with? I don't know if it's arrogance or just damn right selfishness on his part but he seems to have become bigger than the club and if he really cared about the club he would step down gracefully. If he won't then the club should take the decision out of his hands. I also wonder what Steve Bould's role is? A top defender in his day but the defending at Anfield was shambolic.
As for a replacement, the club are going to have to start showing a bit more ambition if they want to get a top name in, the club seems to be run purely as a business at the moment.
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