I have a couple of Arisaka rifles, one type 38 and one type 99.
Check the stock foreend to see if it was cut. The "duffle bag" cut was done by many GI's to get the rifle stock to fit in a duffle bag. Check to see that bolt number and receiver number match. See if the bore is bright and clean.
The Arisaka rifle was never as desirable as the Mauser 98, M1903. Returning GI's had too many stories of cast iron Japanese rifles, (which were true, but they were training rifles meant to fire blanks!), and had a low opinion of Japanese equipment. Post war Arisaka ammo almost cost as much as a rifle.That combined with the inability to duplicate the Japanese barrel shank thread, meant you could not change out the barrel to some other caliber.
As a design the Arisaka action was an outstanding design, the rifle simple to operate and rugged. Those metal tangs on the pistol grip mean you can buttstroke someone and not have the stock shatter. The gun was built rugged and the Japanese used it hard in live bayonet practice. No joke. They murdered at least 100,000 in Nanking in bayonet/sword practice.
However WWII was 60 years ago. They ain't making Arisaka's anymore. If the rifle is full military, keep it that way. If you cut the stock, bend the bolt handle, alter the rifle in any way from its original military configuration, you have turned that rifle into a $50.00 rifle.