Hey Alun
Well maybe I was to hash but I still think that for a monofin the arms by side is less efficeint. Maybe I shouldn't write it because I only tried monofin a couple of times, but I experimented alot whit a friend of mine who is our the trainer of the local finswimm team...
As for my 30m I did this on my second CW training day and with stereo fins and, Yes, with my hands by my side

. I use it because I like to push myself the frist meter wiht my hands and then leave them there. They don't bother me or anythng and I can do my equilizing without hands, what also I a mysterious story to me as nobody never told me how and why. I first heard about equilzing when I was 18 and making a scuba course. But I dove to 10m + without any pain and equlizing long befor that. I guess Im just lucky

.
I also dove for a year with arms by side in the pool and then swiched over. I don't use "the ful extended arms" technique as I also thing that its more O2 consuming. I just hold them in front of me and try to relax. And last I wouldn't dare to say that hands by side is generally inefficient after watching the Tom Sieats video :duh .
About the suits, they can be realy a big problem, but try a suit taylored for freediving. The best suit as far as I know come with their sleeves turned some way around... And the statics... I could ask U the same thing: try doing a static without a suit with hands tight by Ur sides. And if u have a suit like mine it'l be only harder.
I guess I do have too litle experience but I have to write something. I too want to help. And I do write only the thins that I am sure of. If they are wrong im sorry

, but I still thing that diving with a monofin with arms by side is less efficient, because form my experince ur head tilts a bit to much up and down as there are no hands to stabilaze ur leg movement. But I'll rather leave this to the experts.