I'm more familiar with the Big Bear area than Lake Arrowhead in terms of staying, eating, etc. Both certainly have the scenery and hiking you are looking for. Big Bear isn't exactly known for fine dining and hotels. There are plenty of decent places. Lake Arrowhead has a couple nicer places to stay. I'm not too familiar with restaurants in Lake Arrowhead though. Big Bear and Lake Arrowhead are certainly close enough to each other that you can stay at one and cover them both.
Mt. Baldy is different than Arrowhead/Big Bear. Baldy is definitely more of a day trip location like you're planning. There is some good hiking on Mt Baldy. Personally, I'd say do both the day trip to Baldy and the 2 days in Arrowhead/Big Bear.