There's so many awesome places. If you want top end lodging, try the state park at Magazine Mtn.
The drought has NW Arkansas lakes and rivers pretty dry, I'm not sure how Greers Ferry or the lakes around Hot Springs are right now.
I think I'd pick somewhere around Lake Ouchita or De Gray Lake. Oaklawn is in session right now through April, go get a corned beef sammich and play the ponies one of the days. Hot Springs isn't exactly special when the horses aren't running.
Mtn. View has some huge caverns and hiking trails and tons of folk music.
If you like to fish, maybe closer to the little Red, or hit up Gastons for a guided trip.
If you like to shoot coyotes you can camp on our land by the creek and hike in the hills and climb the bluffs and kill as many of those frickers as you can. With the neighbors included we took 34 last spring, and they're back just as thick again.
If Mtn biking is your main thing then this site has tons of info. LINK
Enjoy Arkansas! and don't trash our state please. We're not LSU's campus.