For the current college spread offense, height and arm strength are way down the list of important attributes, IMO.
Pocket presence > accuracy >> mobility >>>> arm strength > height
Look at Oklahoma's recent QBs as an example.
If I'm choosing between a guy that can stand in the pocket, read a defense, pick out a target, and run away if pressure comes and a 6'5 guy who can sling it 70 yards, I'm taking the first guy in a heartbeat. OBVIOUSLY if you can find a guy who can do it all, you take him. But unless we start taking QBs away from Clemson, Bama, and UGA, I don't see that happening anytime soon.