If what you want is a simple and robust communication method over Bluetooth then SPP is definitely the way to go.
The only issue could be the bandwidth, but if the throughput of a traditional serial cable connection is enough for your application then there certainly won't be any problems there. IIRC then most modules have > 1 Mbit throughput using SPP.
Some information about using SPP on Android is here.
But we need a little bit more information to give suggestions about what you need to do on your ARM kit. Maybe you could post a few details about its type, which Bluetooth module is in use there, how it is connected to the ARM MCU etc.
If you're lucky then your kit's BT module can function as a serial cable replacement and you can treat it as if the Android device is connected to your MCU's UART. Of course prior to that, some configuration is needed over some interface (could be the same UART, depending on module type) to establish a Bluetooth connection.
Oh and to answer your first question: yes, it certainly can be done :)