I was trying to remove the arrow as well so I ened up just trying to revert back what I did.
I deleted my 29 string entry here in regedit...

OK so I figured out previously I had download a transparent file from
Shortcut Arrow - Change, Remove, or Restore - Windows 7 Help Forums
and I also added the (29) to (shellicons) to remove...

I've tried this method and it doesn't work I have lost the ability to right click on item properties and have lost all of my icons.. also implanting the .db file like Berry mentioned didn't work for...

Hey this happened to me as well I wonder what is causing our system to not re-create the .db