There are requisites and then there are requisites. I believe we differ as to the type of requisite that we're discussing. I'd assumed that requisites for this item would be +0 "necessary for spell's effect" requisites rather than +1 "enhances spell's effect" requisites.
From the spell description, Unseen Arm is very flexible and can be used to manipulate any small, inanimate object. When cast "on the fly" on a non-Terram object (a bone, a stick, etc.), my understanding is that any necessary casting requisites are +0 and ad hoc. That is, you don't need to research separate ReTe(An), ReTe(He), etc. versions of Unseen Arm; once you know the base ReTe 5 spell, you can use it on anything.
(In general, Terram seems to need less in the way of requisites than any other form. Consider that Hermes Portal can transmit anything and requires no requisites.)
The question, to my mind, is whether one can build that flexibility into an enchanted item. In most cases, I would say no; flexibility adds quite a bit to the power level of an object. In this case, however, the enchanted item isn't that powerful and contributes far more "flavor" than it does combat power or economic potential, so I am inclined to be generous. I might simply tack on an extra magnitude for flexibility and then allow any extra requisites to be added at +0.
In the end, you'd have something like:
Unseen Arm of the Familiar, an invested power
While wearing the magic device, the user can slowly move any small, inanimate item (a mug, a page of a book, a stick, a few drops of water, etc.). This item can be used to move things at a distance, but cannot be used to pull something from a person's hand or move a held object. The user must speak directions to it and concentrate to manipulate it. The manipulation is limited to that of a human hand, but is typically clumsy (depending on the user's Finesse).
ReTe(all forms) 20 (Base 2, +2 Voice, +1 Concentration, +1 flexibility, +0 requisites, +10 unlimited frequency)
I can see why someone might feel that this item is too flexible, though, so YMMV. Nonetheless, I think the spell Unseen Arm supports some generosity and (in my highly subjective opinion) this is the sort of thing a magus ought to be able to do without an overwhelming level of difficulty.
Nathan