I found one! Thanks to your suggestions I was able to do some more sleuthing. It was a Chaos remake/derivative. It turns out multiple people have looked for this game as well.
Arena, by Benjamin Peterson, 1995.
http://dosgames.com/forum/viewtopic....ighlight=arena
http://www.dosgames.com/forum/viewtopic.php?t=14685
http://cd.textfiles.com/cleanhpvac/
See ARENA20.zip.
One down!