So I made a Level 1 human arcanist and picked up the exploits Bloodline Development: Arcane and Familiar (level 1 exploit and level 1 feat Extra Arcanist Exploit). For the Arcane Bloodline Development I selected a Bonded Item (Ring). Does this seem kosher to you RAW or RAI?
[RPG] Arcanist Bloodline Development and Familiars
No. Please see the Arcane Bloodline page under the Arcane Bond section.
Since the Arcanist bloodline development relies on the Sorcerer arcane bloodline and does not specifically alter the way this ability functions, it does not allow you to break the restriction.