this was the non-airbag version, and aside from the spacers that we had to make to push the winch away from the bumper, it was pretty simple.
with the freespool lever, what you will have to do is rotate the whole drum that it sits on so it is more easlily accessible. it's not a big deal to do this, just take out the allen bolts holding the drum on the side of the winch, rotate forward, then re-install the bolts ... hope that makes sense.
i'd say if you have your heart set on an ARB, go for it!
when i was first looking for bumpers i too was impressed by the ARB, plus the fact that it is used worldwide and is a pretty standard upgrade for a disco. but after a while, i found it to be a bit TOO big (sticks out really far); when doing a steep descent into a river at the MAR in 2002, i hit the front of the bumper on a rock, bending it along with my winch. for the hit it took it did quite well, but if i had a smaller bumper on there it would not have hit at all.
so, to make a long story even longer, yes, it will work. no, it won't be much trouble. but please do remember that the winch will be mounted horizontally, NOT vertically, so draining water may be a problem if you do water crossings, etc ... then again, i origionally had this winch on a multi mount sitting upright, and as soon as it got wet it would refuse to work, so ...
hope this helps. i'll see if i can find some pics of the winch in the bumper, but my lappy's hard drive died a few months ago, and i pretty much lost all my pictures.