The arrows has been done... many times. It never really works unless they're part of a more complex design.
looks decent without the arrows did you use a tut for this effect? it looks like a tut i used a while back just a bit different..
v2 is the best of the three. The smudging right around Kanye is really boring and not well done. The stock placement directly in the middle throws off any composition or flow that might be there. The negative space really doesn't work for this tag, especially white.