spongebob, congrats on finally receiving your prized van!
The "cheezy ratcheting arm rests" are actually a feature I like.
They also come in other vehicles to include the Honda Odyssey.
I currently drive a van where the arm rests are set in place and it drives me nuts that when I sit more upright the arm rests are too low and when I lean the seat back during a long trip they are angled too high...
I rented a Transit for a mini-vacation with the family and thoroughly enjoyed being able to always rest my forearm/elbow on the adjustable height arm rests.
The one bad thing about the arm rests is that they are so narrow and lightly padded I can see them wearing out rather quickly just like the lightly padded seats.
It would be tempting to purchase a second pair of seats for the entire van so as to be prepared for the inevitable day when their padding wears out faster than expected!