There are two means to work arms lore.
One is supposedly quicker (but wasn't for me), but essentially means your character just sits around for hours or days, doing absolutely nothing of use (loring an item over and over).
The other way is the method I've been using, which is filling iron BODs (or just crafting in general.
Any Smith item, other than Shields, can give Arms Lore gains when you craft them. I found that, filling BODs that my characters can gain from, starting with 70 Smith skill (2 of them were BOD runners on an account that was given to me), that one will go from 50 Arms Lore (where one starts after completing New Haven quest) roughly equal to one's Blacksmith skill, by the time Blacksmith hits 90-95. And, even items that are too easy to gain smithing on, you will still gain Arms lore, crafting (except shields, of course).
So, my suggestion is to get a bunch of "junk" (iron Weapon & armor) BODs, and start filling them to turn in for more BODs and mining tools. Use the chart linked to in my stickied post, and do the ones you can get both smith & arms lore gains from first, then go to the ones that you can gain Arms lore only with, and only do shield smalls if you have the spare ingots.
With your Smith skill in the mid-high 80s, and lore in the 60s, you'll probably hit GM arms lore about the time you hit GM smith, using this method.
The second method costs more than simply loring something over and over, but is more productive in the long run (trains your smith skill, gets you more colored ingot BODs for filling, and tools to mine more ingots with), instead of sitting there doing absolutely nothing (and being tempted to train illegally out of sheer boredom).
I've been using this method to train 4 of my 6 smiths (one is already 120, the other is permanently 80, due to being my carpenter and no room for more skill). All started at 0 arms lore, and the Smith skills were 100, 85, 70 & 70. After 3 months of putting in 5-10 hours a week (total) on them, they are now 111, 101, 93 and 88 Smith skill, with the two GM+ Smiths at GM Arms lore, and the other two have their arms lore within 1-2 points of their Smith skill.
The BODs I've gotten back from their filling (turned in by the 120 smith) have gained me uncountable amounts of PoF (enough to rake in over 5 million from a vendor selling at 70k per, even after subtracting vendor fees from having 10 stocked at a time), a couple dozen Bronze hammers, 3 gold hammers, 2 +30 ASH, 1 +60 ASH, FOUR colored Anvils, and my first 2 Valorite Hammer BODs (2 of the 6 smalls of the set).
BTW, for Training Arms Lore on your future tailor (as it adds to the armor), the BOD-filling method works using any of the armor BOD types, AS WELL as filling any of the Hat BODs. In some ways, it works even better, because the hat BODs, turned in as smalls, will give you more cloth to fill more hat BODs, greatly reducing your need to buy or make cloth (though probably not eliminating it entirely).
