ARC is supported in Xcode 4.2 for Mac OS X v10.6 and v10.7 (64-bit applications) and for iOS 4 and iOS 5. Weak references are not supported in Mac OS X v10.6 and iOS 4.
Source:
Apple Docs
From this you can gather arc can work and target iOS 4.3 as long as it does not use any weak references. Therefore you should be able to use XCode 4.3/ Or the latest 4.5 to compile and target iOS 4.3.