Hey, Ronnie '98 had some incredible aspects to his physique but even then he had a bit of a distended gut during numerous moments on stage. I still think Arnold would never have wanted to look like that. I think he'd have been fine being bigger (and having bigger legs) but not at the expense of a tight waist.
Otherwise, what's the difference between a bodybuilder and a weightlifter/strongman? They're huge and some even ripped but usually with smaller calves and a big stomach. Wait, isn't that Ronnie these days?