So I made a Level 1 human arcanist and picked up the exploits Bloodline Development: Arcane and Familiar (level 1 exploit and level 1 feat Extra Arcanist Exploit). For the Arcane Bloodline Development I selected a Bonded Item (Ring). Does this seem kosher to you RAW or RAI?
No. Please see the Arcane Bloodline page under the Arcane Bond section.
This ability does not allow you to have both a familiar and a bonded item.
Since the Arcanist bloodline development relies on the Sorcerer arcane bloodline and does not specifically alter the way this ability functions, it does not allow you to break the restriction.
It's very kosher as you're taking your abilities from two seperate things, with the arcane bloodline development you chose a binded item and then used the fear for the familiar exploit.
It's very much allowed.