I've never seen Arsenic & Old Lace (A&OL) on stage where it originated, but as a big fan of the 1944 feature film, I feel you'd be best off watching that version before trying this 1962 TV movie.
(Note: The 1944 film is currently listed as 1942 on IMDb, because its release was complicated.)
I suppose if you haven't seen A&OL in any form, the '62 will make some impact because the plot will be entirely new. But if you're experiencing A&OL for the first time, why not do it with the best production values you can find? You'll get those from the '44, a true classic of black screwball comedy that comes with the quality of Hollywood A-list movies. Frank Capra directed, and legendary Cary Grant was the lead, in the tradition of his energetic comic performances in other screwball comedies like His Girl Friday and The Awful Truth. Rounding out the cast were some of the best supporting actors of that era, like Peter Lorre, Edward Everett Horton, and James Gleason.
In the early 60s, there were no streaming services, and people couldn't just go out and borrow or rent a 1944 film. Under those circumstances, people probably liked how NBC and Hallmark made a new A&OL for TV, but today it's not your best option, or even a very good one. This appears to have been a live broadcast, which is impressive except for how the technical standards of live early 60s TV were primitive. The inferior staging, sets, direction etc. dampen the comic energy. I even had to turn on closed captions to hear the dialogue.
At 90 minutes, this must've been cut considerably from the play. (The '44 Grant/Capra version was almost 2 hours, and was adapted by the talented Epstein twins.)
Historical value is the only thing going for the '62. It shows you what old live TV was like, but this is now hard to watch. Most significant is the chance to watch horror legend Boris Karloff reprise the villainous role he originated in the first stage production. (His popular Broadway performance kept him in New York, unable to join the Grant/Capra film.)
The cast is notable, too. No one can fill Cary Grant's shoes, but Tony Randall (The Odd Couple) was a catch. Mildred Natwick (The Trouble with Harry) plays one of the sweetly dangerous aunts, and a few classic TV/film buffs will recognize Dorothy Stickney as the other one. A younger Tom Bosley (Happy Days) is game to play Teddy, the deluded brother who thinks he's Theodore Roosevelt. As plastic surgeon Dr. Einstein, George Voskovec, with his big glasses and messy character, is unrecognizable compared to his appearance in 12 Angry Men, when he played the clean-cut watchmaker from Europe.
