The sun should lighten the hair very slightly but not noticeably so. Proper hair bleach for arm/legs is probably the best. After you have finished bleaching rub some distilled witchhazel (available from chemists) on your arms. It should relieve the itching. It does for me!
get them waxed - they will look good afterwards and feel really smooth and when they grow back they might be a bit lighter or finer. just make sure u exfoliate to avoid ingrowing hairs