It's questionable if it would stop the targetting on him or just the effects when used directly on him.
I believe Kidd asked if he could send either Kaido or Big Mom below, and Law said he would do that if he could, but their strong Haki made it impossible to move them. He didn't exactly say he couldn't make a room.
If the arrow doesn't directly affect Luffy, then it might be able to at least just follow him around.
For me, it's another question entirely if he can make the arrow change direction and ride on it.
I am not sure about that one yet lol