I can't resist this thread so it's out from lurking....
Seeing as all the originals as well as the plans were all destroyed it wouldn't be so much as a 'modern version' as it would be a 'from scratch'.
Randy Whitcombe, writer of AVRO Aircraft and the Cold War was a pretty good acquaintance, from him I learned the government of the day were just not that efficient. Over the years literally "Tons" (as it 2000# at a shot) documents have been recovered for the USA's office of the GAO. In addition large scale discoveries have been made in England.
The Iroquois engines (Mk 1 and 2) exist as do the outer wings, nose section with cockpit and most of the landing gear system from what I have been told and read, that includes the test data from the 4-5 Mk I airframes that actually flew and the flight reports.
In today's world of CAD/CAM and CNC machining and forming that means you are pretty darn close to having a proven airframe at your disposal and the engine.
Radars, Weapons systems, Flight control systems for fly by wire as well as navigation FADEC and other systems are off the shelf and you would want to upgrade them all anyway rather than recreate the analog.
So we are not talking about starting from scratch, prototyping of the airframe and engine is complete.
But does it suit today's mission....does anyone know what the mission is?
If it is sovereignty patrol, long range interception and interdiction or even fast response to Northern and offshore emergency response an Arrow Mk 3 might fit the ticket.
If the primary goal is to be NATO mud moving, it's not an option.
Sure would be interesting to see a 21st Century Arrow though
Seeing as we have paid for most the R&D already....how many years ago?