Starbuck_II
Explorer
No, if but arcane strike was a free action to use, there is nothing stopping you from activating it as many times as you want in that round, and sacrificing a spell slot each time.
I think the most sane interpretation would be to keep it a free action, but the to-hit/damage bonus would not stack. You may still want to use it more than once (maybe you got a very poor roll on damage, like all ones, and are willing to expend another slot for better damage?).
RAW: The damage the hit bonus don't have a type, but the hit bonus has a limitation. So the hit bonus doesn't stack, but damage will.
Hit bonus is limited by Base attack (what they wrote, can't be greater). Damage bonus isn't limited.
CW pg 96.