Just lead this today and enjoyed it. We also experienced the heinous rope drag. In fact, the biner on my last piece of pro under the arch got wedged into the crack with the rope: made it to the first bolt after the chimney, but could not go on. Ended up setting a belay at the top of the chimney, but had to do an improv rap down to the arch again to get the rope unstuck.
I see two options for mitigating the rope drag (the crack under the arch as it turns the corner up into the chimney is almost exactly rope-sized)
1) After setting the last piece under the arch, lengthen it with a 48in alpine draw and bring the rope OVER the corner of the arch. Then, set your next piece in crack on the left side of the chimney with a 24in alpine draw. This is what I ended up doing to belay my 2nd. It worked well.
2) After the arch, place a piece of pro (will have to be a BD #3 cam, I think--or similar size--or a large hex) in the small crack/left facing corner that leads up to the chimney. Place this piece BELOW the level of the arch, so that when you pull it prevents the rope from being dragged up into the arch's corner crack.