I've had some good ideas in the comments to my previous post, and in a thread I start on the PP forums. I haven't made a decision yet - I have a couple of ideas that I am kicking around, and will probably decide what I will do in the next couple of days. Not that it matters a whole lot - Iron Arena is not the same thing as the tourneys, so unless you really wanted to hunt me down, and give my (for example) Mortenabra 'jack list a spanking, or had something specifically geared to take down Nemo and some storm units, knowing what I might be taking probably is not such a big deal.
I do want to have at least a 50 point army painted, and then have enough to spare to be able to change the list out a little bit. The changes might be small - for example, I probably would not change much between Karchev jacks and Harkovich jacks, but it's a lot more work to change from Karchev to pIrusk - so if I run a jack or beast-heavy list, then I'm probably not going to pack a lot of extra infantry.
If I am really feeling my cheerios, then I would try to have 50-pt lists for 2 different factions. I wouldn't be able to play 100-pt games, but I would have more variety than 50 pts of Cryx, if I could field Cryx and Khador.
Anyway, no painting yet today - I spent some time cleaning up my painting and mini holding area, and trying to bring some order to the basement.