Besides MAPI slowing things down the anti-virus softare you are running can hampering performance as well. A lot of AV software implements VSAPI (Virus Scanning API) scanning to scan messages in Exchange. A brick level backup will request every message and the AV will have to scan each one in turn. This can severly affect performacne and you will most likely see it as as steadily decreasing transfer rate. This is caused by a backlog in the AV scanning since AV cannot keep up with Exchange and ARCserve.
Seeing as you are getting 4.25MB/min I think this is affecting you. You should at least try some of these suggestions. Depending on the AV software and the version of Exchange you are running you have a couple of options.
If you are lucky enough to be using Exchange 2000 or 2003 along with eTrust you are in luck. You can configure eTrust to exclude ARCserve applications from the scanning engine. This is specific to the Exchange scanning, not the file system. I'm not familiar with other AV softare, but most of the enterprise/corporate level software should offer application exclusion options.
If you are running Exchange 5.5 or using AV software that does not allow you to exclude processes from scanning then you are out of luck. Microsoft did a very poor job of implementing VSAPI in Exchange 5.5 and it is impossible for ANY AV software to exclude processes. You would need to stop AV (the part that scans Exchange) during the backups. If your AV software doesn't allow you to exclude processes you should change vendors or you'll have to stop AV during backups.
In either case you should make sure AV is not in the picture. A quick test without AV should show you if it the leading cause of bad BL performance. You should in reality see performance between 50-100MB depending on the capability of your hardware, the activity of the server and the configuration.