Personally, I think Honor Points should go towards buying the Vindicator's stuff FIRST, and then maybe spending some points on Season 1 arena stuff. Even with a bad arena record, you can get the Vengeful gloves and farm a set of Vindicator's (3 armor pieces + amulet/ring) in just 3-4 weeks (weeks are for arena points mostly, Vindicator's you can get faster if you pour more time into it, obviously).

Buying season 1 arena gear just seems like a mistake if you can field your own 5v5 team and go 0-10 and STILL get arena points. If the rating gets too low and you still suck, just re-buy another fresh team...