We can suggest people use newer versions of MinGW. This has the simultaneous benefit of compiling 64 bit code, and not being over 5 years behind (check the time stamps on the websites if you don't believe me). The only downside is it is slightly harder to install, since it appears to be meant to be used on linux primarily. Although on the plus side, steps 2-6 & 8 are covered by untar-ing two files.
Keno and I agreed back when 3.1.2 was first released that wasn't much point in complicating the ARPACK makefile dependency to handle this easy manual fix. We could mirror a binary with the mistake removed, but with the next release imminent now, it won't really help anyone.