I would probably put the shift before the B quarter in the second part of measure 7, since that is where the shift happens, and not on the G before it.
I've never actually seen arrows by themselves indicating high and low positions. When I encounter the "hi2" or "lo2" fingering, I add a dot 1 after the finger number for hi and dots 12 after the finger number for lo.
But if the arrow appear by themselves, we can't add the fingering. I would use a word sign "up" or "down" before the note with an arrow.
Transcriber's notes are your friends in these books!