I agree with your interpretation. I have not seen a test case yet, but some people have openly carried with police approval.
http://gunwatch.blogspot.com/2013/08/arsuccessful-legal-open-carry-march.html
Despite the fact that neither the Attorney General nor the director of the State Police can point to a defining statute, both of them categorically dismiss the right of Arkansans to openly carry a firearm. They are whistling past the graveyard.