Rob, I will advise as I know this trailer too well
I know the trailer which was built BY KWS or Ken's Welding. I would immediately replace the bearings and racers with Timpken and for the fenders, beef up the supports as the orignals were inadequate. Check the bunk boards and if need replacing, use 2 X 4 treated lumber. If the keel tray is rotted, replace that with marine ply and you might want to look at the supports welding./ Cover the bunk boards and keel tray with new outdoor carpeting if you have to replace the wood.
As for the brakes, if you do not know what your are doing, take it to someone who specifically works on trailers as the brake lines may need to be bleeded to get all of the air out if not up to par and that will include the brakes themselves. Do not trailer that boat until all the above has been checked to include the tightening of all bolts and so forth. If you do have to pull the trailer with the boat on it, please do not go over 45 max to the repair facility and do not tailgate at all but allow a long distance between you and the vehicle in front. Without brakes, you may feel the trailer to swerve and if that happens, simply apply speed to stop the swaying and gently brake in order to stop. Never go above 55.
I pulled enough of these trailers as a former dealer over the years and this is what you need to do. As for the laws of Arkansas, check into them as to what is needed but not sure if your trailer will require an annual inspection as some states do.