Lots of experienced comments above. This might also be helpful.
http://pubs.cas.psu.edu/freepubs/pdfs/ub038.pdf
The most important consideration for a material or composite material is the ability of the surface and subsurface to either retain moisture, wick moisture, and for outdoor arenas in particular, to drain water or all of the aforementioned. I’m sure you know this.
Materials (even in indoor areana) act differently in different regions based on geology and climate. Sand might be a good surface say in flat arid KS, but not so good in CO because of gradient, moist climate, and rocky sub-surface. But clay is heavier (in bulk) than sand but sand will have to be replaced more often as it is compacted into subsurface like clay. Pardon the pun, but the subject of equine surfaces is a quagmire of sorts. LOL Just before I completely retired, I managed a competition and schooling hunter jumper barn for a small college some years back and when sand was used in their indoor arena, maintenance was very labor intensive because it was either dust or compacted into the subsurface forcing frequent replacement. When raked, all that happened was the sand mixed with sub-soil and even a slight amount of mositure produced “mud.” Before I left, the riding director bit the bullet and went to a synthetic material. Good decision. This was an exclusive small women’s college that had big bucks so the change wasn’t all that devastating to their budget as it might be for small independent operations. I’m sure cost is a big consideration for you.
The UK has done the most study on arena and track surfaces, oddly enough. i’ve read a number of informative books published there. Go to a used book website and search “horse arena (or training or racing) surfaces.” Horseracing surfaces (I know they are outdoors) are somewhat similar subsurface construction and you might find some pertinent information, particularly as it relates to installation and maintenance.
The right choice of a material will save you long term maintenance, time, and costs, but you already know that.
These might be worth reading also.
http://dressagearena.net/images/Sand%20Specifications%20Booklet.pdf
http://www.geocheminc.com/dirtglue/arenakleen/DG-AK-8005_Equestrian_Riding_Surfaces_and_the_Use_of_Dust_Suppression.pdf
Also, as you no doubt know and have commented on above, wood chips decompose quickly into what eventually becomes “mud” when moisture is applied.
We don’t have an arena at our farm, but I wish I had the money for an all-weather surface in our round pen. Good luck.