That could certainly be done, and is far from the only way to do so. Unless you're much better at Muto than Creo though, I'd just go for straight CrIg mind you. Though either effect does mean that you're potentially spending seasons on making items that your grogs then throw away (ie, miss their attack rolls).
That should be fine. Or as @callen suggests, just enchant the arrows directly. And remember penetration!
This was actually the only part that gave me pause. Can I ask why?
I'm ... not a huge fan of the 4th edition, while I greatly enjoy the 5th (and still sometimes miss the earlier editions).
It's what I have, and am used to. As a bonus the core PDF is free so my players were able to quickly acquire copies to begin learning the rules. Second bonus, hard copies have been easy to come by cheaply via Amazon and eBay. It's also been quite easy for us to house rule into the urban fantasy game we wanted, a non-Fate quasi Dresden Files.
I find it more curious that you say you sometimes miss the earlier editions. I recall 3rd being quite controversial when it was around.
I played a Welsh giant blooded mage called Bercelak the Bowman in an old game. Verditius, used charged items as arrows, with a variety of effects, magic cancelling, bursting into fire, etc. It worked surprisingly well because he don't end up using the charged items that often. It turns out that for many foes, an 8 foot long longbow works just as well.
I'm actually thinking a house rule bending the potion rules might work better than charged items for "one shot ammo" in 4th ed. rules but I'll need to crunch some numbers to confirm if there's any real difference.
Also rethinking the original Mu Te (Ig) idea. Considering a Pe Te instead, sort of a mini Obliteration of the Metallic Barrier for the extra damage. Think "claymore mine arrowheads" or, in actuality in our modern game, "claymore mine bullets".
But the special, indeterminate ending is what the Ritual allows for. The guideline without the Ritual fires off the spell when the container ends. I suppose you could do it with Concentration and break that concentration when the arrow strikes, but that's a lot more difficult to pull off.
You can hold it in a Ring, traced on a fragile glass arrowhead that shatters on impact.
Of course, you probably want to hold those fragile arrows in some appropriatedly charmed quiver, or at least at a safe distance
I'd allow a short (diameter duration) container that expires under very simple conditions. i.e. the arrow hits something. You are then loosing the ritual tag, but also the indefinite duration and the ability to tie it to complex conditions with another spell. Seems reasonable and not contradicted by the rules.
If you're inventing a formulaic version of a container, you could potentially use a non-standard duration - either a fixed length of time that's just enough to cast the next spell and then loose the arrow, or (probably harder) something that's linked to the arrow's flight.