Can ARC Reference Phono handle my Cartridge

I think the answer to your second question is yes. ARC's website states that, if you order new, they will put in the resistors you want (their default setting is 47kohms--I don't know what the 200 Ohm figure you're referring to relates to or comes from), and they will supply resistors and solder with the unit as well, so if you're buying used you should have those available to play with. The best thing for you to do is to call ARC, they have excellent customer service and were always helpful to me when I would call them in the past.

The simple answer is yes. The ARC Ref. has two inputs, one is high gain that includes a step up transformer (200 ohm) the other is low gain w/o tranformer (47k). They can be changed either by the factory or by the local dealer to different values.