Although a huge blackmore fan and I saw rainbow on the down to earth tour, I never liked the arpeggios so I play it different:
I play descending power chords: seems to work. Our other guitarist plays the arpeggios.
G D/F# Em D C G/B Am D
e ---------------------------------------
B ---------------------------------------
G ------------------------------7--------
D -12--12---9---7---5---5---2---5--------
A -10---9---7---5---3---2---0---5--------
E ---------------------------------------
Rhythm wise: Just play what you think fits: I usually hit each chord twice.