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If you have half a day spare than arancini is a good idea.
The rice question isn't stupid, many people use carnaroli, but I feel like you have to overcook it to get enough amid coming out (that gives you creaminess). I usually prefer a quality that yields more amid, like Vialone Nano (impossible to find here) or Arborio (Saintsbury) that can give you conspicuous creaminess without being overcooked.
That said, if you have a risotto that is creamy but not overcooked, you can try to reaheat it. It will never be as good as freshly made. A good advice is to avoid cheese, maybe if (when) you realize you made more than you can eat, you split it in two and finish with cheese only the one you're going to eat right away.
When reheating I usually pour little amount of water/milk, and heat slowly in a pan, stirring from time to time and covering it with a lid. Basically what you said yourself.
Looks great.
I do find that when I make it I have to eat all of the risotto in one go - maybe I'm doing it wrong but it just doesn't work for me when it's not hot straight off the hob. I'm unfortunately terrible with portioning and make enough for about 10 hungry people, so after I've eaten until I start crying I'm left with a vat of cold sludge.
Any tips on how to rejuvenate the excess? Add tiny amount of liquid and heat slowly over the lowest flame? But that's part of the problem, by then it's soaked up so much moisture you lose the texture. It's like soggy, oniony sugar puffs :(