It could be but I still have the simpler explanation: Arnold agrees with Buffett so he appointed him. With the exception of some Friedmanesque rhetoric and a few good stands (such as his support of Prop 187) Arnold has a very discouraging record. Moreover, he is currently refusing to rule out raising taxes in a a state which is highly overtaxed and where higher taxes are unpopular with the public.
Now....you may be right, but I will stick with the obvious explanation for now. Occam's razor you know.
Arnold IS a liberal Republican who has a few conservative positions. Its been obvious from the beginning. We're not stupid and he knows it and we know it.