Arteta shouldn't be a viable candidate.  We aren't a halfway house.  The next manager should have managerial experience, PERIOD.
But again, the D of F needs to come first.  They have to decide on some concept of a team with Board and be left to do his business.  Give him a staffing budget and allow him to set up a proper sporting structure for the club.  Maybe Walsh current has one, who knows.
I still like RBL's model.  They've got Ralf Ragnick as its overall sporting director across all its teams (including Austria and RBNY), but RBL has a chief scout, an individual sporting coordinator, and a head coach/trainer in Ralph Hasenhüttl.  The sporting director hires the head coach or in their case, the trainer.  To me, that makes a ton of sense.  In fact, I'm not sure why we are so obsessed over having some big name head coach.  I know its the EPL and there are massive salaries and egos, but we should be finding a coach that philosophically agrees with the type of football we are trying to play most importantly.