Thats an interesting idea. I'm not sure I'm sold on it v.s. just having two seperate allocators and growing them seperately. The arena allocators I use take advantage of virtual memory to grow which might change my perception of the tradeoffs involved, as I wouldn't typically need to resize one of my allocators (you can just aggressively over-reserve memory and then only commit what is actually used).
[1] https://www.erlang.org/doc/apps/erts/garbagecollection