The penalty of VC/SW arbitration depends on the components employed to build the router. SimpleRouters normally consider a 1-cycle penalty for each stage, The length of Switch Arbitration can be controlled through HeaderDelay variable. (see code of TPZSimpleRouter).
In the case of WH routers the length of these two stages can be modified through vcarbDelay and swarbDelay variables (see Router.sgm -> WH-BASE router for details).
Arbitration policy at simpleRouters is Round Robin, not FCFS. Alternatives to this one have not been implemented (could be easily done).