I did make it! I don't currently have a tutorial written up, but I should probably make one. Overall, the arrow is made out of a small bulb guard for a fluorescent light bulb. You can pick them up at any hardware store (I got mine at Lowes). I cut it to the length I wanted, covered it in pink tissue paper and Mod-Podge-ed it, and put an LED strip in it with a battery pack attached. The tips of the arrow are done with foam board and tulle and that's pretty much it!
If you end up doing it, make sure your bulb guard isn't too big~ it took us a while to find one narrow enough that it wasn't hard to hold. But they're great for light-up props because they're super light and durable and they're made to withstand any heat the LEDs will give off.
Hope that helps!