I ended up using method 1 in the question (1. simulate an arrow by calculating and drawing an arrow shape from lots of little lines using the polarplot() function). It seems to work alright, I'm sure there must be better methods. Posting code for others
polar plot arrow
%%%Data %%%%
resultant_direction = rand(1)*2*pi;
resultant_length = 0.5 + (1-0.5).*rand(1);
%%%%arrow head %%%%
arrowhead_length = resultant_length/15; % arrow head length relative to resultant_length
num_arrowlines = 100;
arrowhead_angle = deg2rad(30); % degrees
%%%%arrow tip coordinates %%%%
t1 = repmat(resultant_direction,1,num_arrowlines);
r1 = repmat(resultant_length,1,num_arrowlines);
%%%%arrow base coordinates %%%%
b = arrowhead_length.*tan(linspace(0,arrowhead_angle,num_arrowlines/2));
theta = atan(b./(resultant_length-arrowhead_length));
pre_t2 = [theta, -theta];
r2 = (resultant_length-arrowhead_length)./cos(pre_t2);
t2 = t1(1)+pre_t2;
%%%%plot %%%%
figure(1)
polarplot([t1(1) t1(1)],[0 r1(1)-0.9*arrowhead_length],'r','linewidth',3)
hold on
polarplot([t1; t2],[r1; r2],'r')
