Arched guides per se are not really the issue; as I understand it they are used on modern engines because the guides have tensioners attached to them to keep the tension on the chain constant. A straight guide can't be used if the guide is going to be moving around from a tensioner pressure. So really the main issue with the SOHC secondary chain drive is the fact that chain tension can vary with temperature, RPM, load, etc.
Having said that, as a guy who has been running these engines for 20+ years, the chain drive as-is is not really a problem, as long as you tension the chain correctly, go easy on the engine until it is warmed up, check the chain tension periodically, etc. But it sure would be nice to have an automatic chain tensioning system on the SOHC. I know someone who is working on that...