You will have to ungroup it and do it manually with the Path panel.
Thanks for the help.
I tried the path panel using the fillet tool. It changes almost all the points of the arrow via the pop up box where you enter desired roundness. Unforunately it does not change the top left point. Before ungrouping the top left point has the roundness diamond that allows for changing that corner but that corner only. Using the fillet tool allows for changing all points but the top left point.
Not sure what I am doing wrong. I have gone ahead and manually made an arrow with the roundness I desire and saved it. I would really like to be able to use the arrow tool in the future.
It seems like FW wants you to select the point with the Pen tool first, then go back to the Subselection tool. I've made a short video that will hopefully help. http://www.screencast.com/users/JimBabbage/folders/Jing/media/ef19b590-11bd-4930-8082-49cc e9fd8b5b