You really can't vacuform over your arm, as there would be loss of suction due to it being attached to your body. That being said, DO NOT ATTEMPT!
All you need is a ruler, and possible a pair of calipers. Your arm is nothing more than a cylinder, and the important measurements are the distance between the wrist and elbow, and the elbow and shoulder.
Use a piece of PVC to approximate your arm. Measure the width at the wrist, forearm, and bicep, and make sure your sculpt is wide enough for these parts to pass through.
The ONLY reason that you would need a lifecast, is for a body-hugging piece that must match the contour of your exact shape in order to fit.